Citi Downgrades NXP Semiconductors NV (NXPI) to Neutral
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Citi analyst Christopher Danely downgraded NXP Semiconductors NV (NASDAQ: NXPI) from Buy to Neutral with a price target of $190.00 (from $240.00).
The analyst commented, "We are downgrading NXPI from Buy to Neutral as our margin expansion thesis has played out. Our Buy thesis back in February 2021 was based on an anticipation of superior margin/EPS upside and strength from the automotive end market. While we expect auto strength to continue for a while, NXP’s margins are near the peak and as such, we believe it will be difficult for the stock to outperform until a correction resets the bar. We are lowering our target multiple and price target from $240.00 to $190.00 given limited margin and EPS upside."
Shares of NXP Semiconductors NV closed at $173.25 yesterday.
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