Mizuho Downgrades NXP Semiconductors To Neutral, Sees 8% Upside

Mizuho analyst Vijay Rakesh downgraded NXP Semiconductors NV (NASDAQ:NXPI) to Neutral from Buy with a price target of $220, down from $225, implying an 8.1% upside.
Rakesh prefers to be more defensive and selective in time after a 150% move in the PHLX Semiconductor Sector Index (SOX) year-to-date.
He sees tougher auto and industrial comps due to the slowdown in China and the gradual stabilizing of the insatiable order growth.
Price action: NXPI shares traded lower by 4.13% at $195.07 on the last check Thursday.