FBR Capital analyst Christopher Rolland reiterated a Market Perform rating and $50 price target on Xilinx (NASDAQ: XLNX) following 'better than feared' results after the close.

Rolland commented, "On Wednesday evening, October 14, Xilinx reported in-line C2Q15 top-line results but significantly better-than-expected C3Q15 guidance. While the strong guidance was partially driven by an extra week in the quarter, it was also helped by a bounceback in Chinese base station and North America defense revenue, both of which appear to have troughed. Indeed, the tone of the call was considerably more upbeat than any other over the last two years. The company was most optimistic about its long-term opportunities in the datacenter, automotive ADAS systems, and emerging market 4G wireless infrastructure. Furthermore, the company was able to draw down internal inventories to the lowest level in six quarters (but still well above the LT target of 90 to 100 days). While our FY 2017 top-line estimate is essentially unchanged, our FY 2017 EPS estimate has increased by $0.07 to $2.22, a result we consider better than feared as investor expectations were low going into the announcement."

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Shares of Xilinx closed at $45.38 yesterday.