NXP Semiconductors NV (NXPI) PT Raised to $192 at Mizuho Securities
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Mizuho Securities analyst Vijay Rakesh raised the price target on NXP Semiconductors NV (NASDAQ: NXPI) to $192.00 (from $173.00) while maintaining a Buy rating.
The analyst commented, "NXPI reported DecQ results slightly above consensus with rev/GM of $2.51B/52.9% (cons. $2.5B/52.7%). It guided to a MarQ of $2.55B/53.5% vs. consensus $2.3B/~53%, with rev up ~2% q/q. The MarQ guide has autos up ~20% q/q as ADAS+EV, ~25% of autos drives strong demand along with broad automotive demand and inventory replenishment, Industrial/IoT was up 50% y/y, and Mobile up 40% y/y. The 53.5% GM guide contained 70 bps headwinds (20bps underutilization, 20bps factory performance, 30bps annual price reductions). Raising estimates, maintaining our Buy and raising PT to $192 ($173), ~20.3x our F21E P/E. NXPI has 2021 auto, industrial & mobile tailwinds, and trades at a discount to the SOX at ~23.9x."
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