NXP Semiconductors NV (NXPI) PT Raised to $240 at BofA Securities After Positive Fireside Chat
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BofA Securities analyst Vivek Arya raised the price target on NXP Semiconductors NV (NASDAQ: NXPI) to $240.00 (from $220.00) after hosting President & CEO Kurt Sievers and VP of IR Jeff Palmer for a fireside chat shortly after NXPI’s inclusion into the S&P 500 index.
The analyst reiterated a Buy rating, stating "Our overall view is very positive – NXPI is our top autos pick and we see the company solidly positioned to: 1) take advantage of autos cyclical recovery and secular content growth across radar, electrification, digital cluster; 2) strengthen leadership position in edge computing with a wide portfolio of processing, connectivity, security products; 3) navigate through current industry chip-shortages while benefitting from increasing customer desire to stock strategic inventory; and 4) deliver to its target 55% GM in 2H21, while consistently expanding and delivering on FCF (+24% YoY in CY21). Meanwhile, the recent SPX inclusion should drive greater investor interest, as the company marches towards our long-term EPS power approaching $12/share. We raise our PO to $240 from $220 on 25x CY22 EV/FCF vs 23x prior, on higher confidence in growth acceleration across broad set of markets."
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