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Xilinx, Inc. (NASDAQ: XLNX) reported better-than-anticipated CQ3:16 results on October 19 while issuing robust guidance.
Citi’s Christopher Danely maintains a Neutral rating on the company with a price target of $49.
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Robust Results
For CQ3:16, Xilinx reported revenue of $579.2 million, above the guidance and estimate, with seasonality of a 2 percent decline quarter-on-quarter driven by strength in the broadcast, consumer and auto end markets.
Gross margins fell 110 bps quarter-on-quarter to 69.6 percent, missing the guidance and the estimate due to a licensing agreement.
The EPS, however, came in at $0.61, beating the consensus and the estimate driven by higher revenue and lower taxes.
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Guidance
For CQ4:16, Xilinx guided to revenue of $576.2 million, below the consensus but above the previous estimate.
However, the company guided to a decline in gross margins to 69 percent, in line with the previous estimate.
Takeover Target
“We continue to believe Xilinx is the only high quality semiconductor company left with the attributes of a good takeover target,” Danely mentioned.
The analyst believes that the company could be the next acquisition target for Broadcom Ltd (NASDAQ: AVGO) and could be 10 percent accretive to Broadcom’s EPS in C17.
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New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.