Xilinx's Ninth Consecutive Quarter of Revenue Growth Is Impressive, Yet Will Be Tough to Replicate
Xilinx reported third-quarter results modestly ahead of our expectations. The firm is on track to meet its $2.5 billion revenue target for fiscal 2018 (which ends in March) and reached its 30% operating margin target one quarter early. We applaud the FPGA leader’s execution and are thus raising our fair value estimate to $60 from $55 per share. However, we think shares of this narrow-moat firm remain overvalued and long-term growth will be curbed given the cyclical forces prevalent in the pletho...Xilinx designs and develops programmable devices and associated technologies, including: integrated circuits (ICs) in the form of programmable logic devices (PLDs), including programmable System on Chips and three-dimensional ICs; Adaptive Compute Acceleration Platform, a multi-core heterogeneous compute platform; software design tools to program the PLDs; software development environments and embedded platforms; targeted reference designs; printed circuit boards; and intellectual property (IP), which consists of the company and third-party verification and IP cores. In addition to its programmable platforms, the company provides design services, customer training, field engineering and technical support.
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