Xilinx (XLNX) Numbers Raised at Nomura Post Q4
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Price: $194.92 --0%
Rating Summary:
7 Buy, 28 Hold, 2 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 3 | Down: 4 | New: 1
Rating Summary:
7 Buy, 28 Hold, 2 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 3 | Down: 4 | New: 1
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Shares of Xilinx (NASDAQ: XLNX) are up over 3 percent Thursday following fourth quarter results that beat estimates. Analyst Romit Shah at Nomura Securities is raising estimates and his price target from $30 to $35 following the numbers but stopped short of upgrading the stock and maintained a Neutral rating.
Shah noted: "FQ4 (Mar) revenue of $532mn was above our forecast of $530mn, as weakness in wired communications was more than offset by the strength in broadcast, consumer and automotive. Operating expenses of $204mn came in lower than planned. EPS of $0.47 was better than our forecast of $0.43, but there was a one-time tax benefit of $12mn ($0.04 per share) that we did not model. FQ1 (Jun) guidance of 1-5% growth is in line with our forecast and the 10-year seasonal average, but lower than consensus of 5% growth. Revenue from 28nm products exceeded $40mn in the March period, above the guidance of $30mn. The stock trades at 17x our CY14 EPS estimate, vs. a 5-year average of 16x. Relative to our coverage, the stock trades at an 18% premium, vs. a 5-year average premium of 6%. We are raising our price target from $30 to $35, which is based on 16x our CY14 EPS estimate of $2.20."
The firm raised CY 2013 EPS estimates from $1.85 to $1.95 and CY 2014 EPS estiamtes from $2.10 to $2.20.
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 $36.50 yesterday.
Shah noted: "FQ4 (Mar) revenue of $532mn was above our forecast of $530mn, as weakness in wired communications was more than offset by the strength in broadcast, consumer and automotive. Operating expenses of $204mn came in lower than planned. EPS of $0.47 was better than our forecast of $0.43, but there was a one-time tax benefit of $12mn ($0.04 per share) that we did not model. FQ1 (Jun) guidance of 1-5% growth is in line with our forecast and the 10-year seasonal average, but lower than consensus of 5% growth. Revenue from 28nm products exceeded $40mn in the March period, above the guidance of $30mn. The stock trades at 17x our CY14 EPS estimate, vs. a 5-year average of 16x. Relative to our coverage, the stock trades at an 18% premium, vs. a 5-year average premium of 6%. We are raising our price target from $30 to $35, which is based on 16x our CY14 EPS estimate of $2.20."
The firm raised CY 2013 EPS estimates from $1.85 to $1.95 and CY 2014 EPS estiamtes from $2.10 to $2.20.
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 $36.50 yesterday.
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