NXP Semiconductors NV (NXPI) PT Raised to $320 at Needham & Company

February 2, 2022 7:42 AM EST
Get Alerts NXPI Hot Sheet
Price: $187.47 +3.93%

Rating Summary:
    20 Buy, 12 Hold, 1 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 8 | Down: 40 | New: 22
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Needham & Company analyst Rajvindra Gill raised the price target on NXP Semiconductors NV (NASDAQ: NXPI) to $320.00 (from $300.00) while maintaining a Strong Buy rating.

The analyst commented, "We are raising our price target on NXPI to $320 following a strong beat and raise quarter on the top and bottom line. Demand is accelerating at a faster pace than supply, leading the company to believe it can grow above the high-end of its LT 8-12% targeted range, implying mid-teens growth in CY22. In addition, NXPI is not seeing any signs of order cancellations, order push-outs or order rescheduling from its customers. Inventory levels, whether internal, in the distribution channel or at the end customer is at record low levels. Across most end markets, the company is witnessing non-cancellable backlog coverage as customers want to secure capacity over a short-to medium period, providing long-term visibility. Our new PT is based on a 50/50 blend of a 22x P/E on our new CY22 Non-GAAP estimate of $13.40 and an EV/EBITDA multiple of 19x."

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