UPDATE: Oppenheimer Initiates Coverage on NXP Semiconductor NV with Outperform Rating, $100 PT on Market Leader Position

In a report published Tuesday, Oppenheimer analyst Rick Schafer initiated coverage on

with an Outperform rating and $100.00 price target. In the report, Oppenheimer noted, “We are initiating coverage of NXP Semiconductors with an Outperform rating and $100 PT. NXP is a leading designer, developer and global supplier of a broad range of semiconductor solutions based on its RF, analog, interface, power management, security and digital processing expertise. Despite the ~70% run-up in share price YTD, we believe the NXP growth story is far from over, given multiple structural and secular tailwinds. NXP is amongst the best positioned names in our coverage universe to capitalize on rising semiconductor content in key verticals including auto, industrial and communications while maintaining the dominant franchise in the growing secure ID, secure transactions and mobile payment markets.” NXP Semiconductor NV closed on Monday at $76.11.