UPDATE: Sterne Agee Reiterates Buy Rating, Raises PT on NXP Semiconductors

In a report published Friday, Sterne Agee Group reiterated its Buy rating on NXP Semiconductors NXPI, and slightly raised its price target from $30.00 to $31.00. Sterne Agee noted, “NXPI continues to be a story much beyond NFC, with continued focus on Automotive and Identification markets growing at 1.5x the overall semiconductor market, along with a broad deleveraging, driving broad EPS upside. NXPI at its Analyst Day today reiterated its C3Q12 guide, while also laying out a rational path to $4+ EPS with significant cash flow improvement, given achievable, operational and top-line targets. We are raising our estimates and PT to $31.” NXP Semiconductors closed on Thursday at $26.43.