Deutsche Bank analyst Ross Seymore issued a note on shares of NXP Semiconductors NV (NASDAQ: NXPI). Monday's note followed recent investor meetings with company CFO Dan Durn and VP of Investor Relations Jeff Palmer.
Seymore highlighted four key findings from the meetings.
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- Macro remains mediocre, but NXPI focus is on content/share gains.
- Margins rising, with SP sale accelerating the pace.
- Balanced cash returns to accelerate as well.
- PE ownership an overhang, but with diminishing impact.
"In an otherwise mediocre environment for semis, we continue to see upside in NXPI shares as its content-driven revenue growth, organic/synergy-based margin expansion and significant cash return capability should combine to meaningfully reduce the significant valuation discount vs. similar high quality peers," Seymore said.
The analyst reiterated a Buy rating and $110 price target on shares.
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