Xilinx (XLNX) PT Raised to $153 at Jefferies After Announcing Revenue Upside

Jefferies analyst Mark Lipacis raised the price target on Xilinx (NASDAQ: XLNX) to $153.00 (from $130.00) after December results beat by 3.6% but were offset by higher OpEx leaving EPS inline ex better other income and lower taxes. The revenue upside was driven by Auto and Broadcast markets and the ramp of 5G deployments. XLNX did not host a quarterly earnings call or provide forward-looking guidance.

The analyst maintained a Buy rating, stating "With the announcement of the AMD/XLNX merger, XLNX's share price is effectively tied to AMD's upon closing. XLNX shareholders will receive 1.7234 shares of AMD for each XLNX share, which at today's closing price would be $153. We raise our PT for XLNX to $153 as we expect XLNX to trade in-line with the implied deal price based on AMD's closing price of $89".

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