Citi Upgrades NXP Semiconductors NV (NXPI) to Buy

Citi analyst Christopher Danely upgraded NXP Semiconductors NV (NASDAQ: NXPI) from Neutral to Buy with a price target of $290.00 (from $210.00).

The analyst comments: "Following ADI’s commentary on the recovery in the analog end market, we are upgrading NXPI from Neutral to Buy as we believe the analog recovery is imminent and that every analog company will feel it as sales from the analog companies have fallen roughly 30% from the peak. While we believe there is still downside from the Automotive end market, the recovery in the Industrial end market should partially offset it. Given Consensus estimates have fallen roughly 30% in the past six months, most of the downside has been incorporated in NXP estimates, and as such, we expect multiples to rise across the board in anticipation of estimates moving up. We are raising our price target on NXPI from $210.00 to $290.00 as we now believe that multiples will expand across the board."

For an analyst ratings summary and ratings history on NXP Semiconductors NV click here. For more ratings news on NXP Semiconductors NV click here.

Shares of NXP Semiconductors NV closed at $245.58 yesterday.

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