Xilinx (XLNX) PT Jumps To $77 But Valuation Keeps Mizuho At Neutral

Mizuho Securities analyst, Vijay Rakesh, reiterated his Neutral rating on shares of Xilinx (NASDAQ: XLNX) and raised his price target to $77 from $74 after the company reported a solid September quarter and guided to a stonger December quarter with strength across Communications 5G base stations, DC (~7% of revenues) & TME. XLNX also saw 3Q18 strength in Data Center, Autos as continuing flat into 4Q18 and optimism on strength in Industrial into 4Q18, counter to expectations from Industrial peers.

The analyst stated "We note the 5G strength, though some of the Industrial-Automotive macro and a premium valuation keep us on the sidelines". "Our DecQ rev/EPS goes from $721M/$0.73 to $770M/$0.84, F19E from $2.9B/$2.98 to $3.0B/$3.20 and F20E from $3.0B/$3.25 to $3.1B/$3.38. We are maintaining Neutral but adjusting PT to $77 (prior $74), ~22.8x our F20E EPS, given the macro and with shares trading at a premium ~23x P/E".

For an analyst ratings summary and ratings history on Xilinx click here. For more ratings news on Xilinx click here.

Shares of Xilinx closed at $69.04 yesterday.

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