UPDATE: Blaylock Robert Van Initiates Coverage on NXP Semiconductors with Buy Rating, $30 PT

In a report published Friday, Blaylock Robert Van initiated coverage on NXP Semiconductors

with a Buy rating and $30.00 price target. Blaylock RV noted, “We are initiating coverage of NXP Semiconductors

with a BUY rating, as we believe that the company will deliver revenue to outgrow the industry given its #1 position in nine application areas, system solutions (secure elements, IP, application ecosystems), strong demand for its HPMS due to the trends in end markets and penetration into new high growth applications. On the bottom line, accelerating operating margin expansion and capital structure de-leverage will continue to drive non-GAAP EPS leverage. Our price target of $30 is derived by applying EV/sales multiple of 2.3x, the peer average, to our 2013 estimates.” NXP Semiconductors closed on Thursday at $26.06.