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- Bernstein analyst Stacy Rasgon downgraded NXP Semiconductors NV NXPI to Market Perform from Outperform with a price target of $230, down from $245, implying an 11.55% upside.
- Rasgon is "growing somewhat uncomfortable" with the stock's valuation and automotive end market.
- It is a "clear certainty that auto semis are 'over shipping auto production," Rasgon tells investors in a research note.
- Rasgon believes NXP's risk profile looks balanced with the stock up 30% year-to-date.
- The tech stocks led by the Nasdaq Composite Index took a beating on September 28 as the surging bond yields triggered an industrywide selloff.
- Price Action: NXPI shares closed lower by 4.85% at $206.19 on Tuesday.
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