UPDATE: Citigroup Reiterates Buy Rating, Raises PT on Xilinx as Multiple Factors Drive Upside

In a report published Friday, Citigroup analyst Glen Yeung reiterated a Buy rating on

, and raised the price target from $50.00 to $52.00. In the report, Citigroup noted, “We stand by our recent upgrade of XLNX, emboldened by Xilinx's F1Q14(Jun)/F2Q14(Sep) results/guidance. While the catalyst for our upgrade is upcoming China TD-LTE spending (this still lays ahead), upside to NT consensus will be driven by broad strength from other areas of Xilinx's business. We are further encouraged by Xilinx's record gross margin, benefiting from a combination of margin expansion programs and mix of defense business. We raise our FY14/FY15 EPS estimates to $2.25/$2.41 from $2.04/$2.36 (consensus $1.99/$2.31) and increase our price target to $52 from $50.” Xilinx closed on Thursday at $45.83.