Evercore ISI initiated coverage of NXP Semiconductors with an Outperform rating and $300 price target. The analyst views NXP as “Tectonic Shift play,” saying the company is a key supplier into the emerging internet of things market which it expects to grow to 10s of billions of units. NXP offers one of the greatest growth stories in the analog complex given its strong auto product cycles, the analyst tells investors in a research note.
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