UPDATE: Sterne Agee Reiterates NXP Semiconductors at Buy on Pullback, Deleveraging Headwinds

Sterne Agee maintained NXP Semiconductors NXPI at Buy with a $36.00 price target. Sterne Agee analyst Vijay Rakesh noted, "NXPI stock is weak today on press articles showing the Galaxy S4 has a Broadcom NFC controller + an embedded chip from ST. We believe ST could still be licensing the Secure Element from NXPI so that Nxp still gets the benefit, and Samsung also known to multi-source on the same model. Overall NFC is <5% of revenues and the L-T story with Identification, Automotive and deleveraging still in tact. We are buyers on the pullback here." NXP Semiconductors closed at $31.21 on Friday.