UPDATE: Deutsche Bank Initiates Buy on NXP Semiconductors on Steady Performance

Deutsche Bank initiated coverage on NXP Semiconductors NXPI with a Buy rating and a price target of $30. Deutsche Bank commented, "We believe NXP can continue to deliver consistent revenue/margin growth and deleverage its B/S through solid execution and focus on attractive mixed-signal mkts. While NT headwinds exist (soft macro, likely lack of NFC in the iPhone 5, potential 4Q channel inventory burn), we believe these issues are factored into our ests and the share price. Looking into 2013, a combination of aboveindustry growth, margin expansion and debt reduction should drive upside to Street ests and allow the stock to close its ~20% valuation gap vs. peers." NXP Semiconductors closed at $22.96 on Tuesday.