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 (NASDAQ: 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.
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