NXP Semiconductors NV (NXPI) PT Raised to $225 at Needham & Company

July 27, 2022 6:41 AM EDT
Get Alerts NXPI Hot Sheet
Price: $153.42 +4.01%

Rating Summary:
    20 Buy, 12 Hold, 1 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 6 | Down: 13 | New: 11
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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."

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