NXP Semiconductors NV (NXPI) PT Raised to $225 at Needham & Company
- Wall Street jumps over 1% to start fourth quarter
- Tesla (TSLA) Now 'Unlikely' to Hit Its 50% Delivery Growth Goal for 2022 - Analyst
- U.S. manufacturing activity slowest in almost 2-1/2 years in September-ISM
- Citi Cuts Year-end S&P 500 Price Target to 4000, Introduces 2023 PT of 3900
- Oil jumps more than $3 as OPEC+ weighs biggest output cut since 2020
News and research before you hear about it on CNBC and others. Claim your 1-week free trial to StreetInsider Premium here.
Needham & Company analyst Rajvindra Gill raised the price target on NXP Semiconductors NV (NASDAQ: NXPI) to $225.00 (from $220.00) while maintaining a Strong Buy rating.
The analyst commented, "NXP reported a solid beat and raise 2Q22 amid the deteriorating macro environment. The stock essentially traded flat as investors debated the sustainability of automotive and industrial markets. Lead times are unchanged, 80% of products are over 52 weeks. Here is the investor concern; companies with extended lead times will be last to see the expected downturn and pulling of orders. In our view, management did a good job explaining its strategy (preventing inventory building and de-risking the backlog) while providing incremental data points (SAAR +9% in 2H22 vs. 1H, EV penetration reaching 26%, ASPs rising into 2023) supporting growth. We expect the stock to trade sideways, until the buy-side is convinced a fundamental floor is built into forecasts. Our PT moves to $225 on a higher 2023 estimate on the same multiple."
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Visa (V) and Mastercard (MA) Estimates Cut on International Exposure
- UPDATE: Benchmark Downgrades National CineMedia (NCMI) to Hold
- RBC Capital Upgrades New Gold (NGD:CN) (NGD) to Outperform
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS View, Analyst PT Change
Related EntitiesNeedham & Company
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!