Cantor Fitzgerald initiated coverage of NXP Semiconductors with an Overweight rating and $260 price target. The company’s “excellent control” of distribution inventory downstream, coupled with a conservative approach to China, should limit the magnitude of impact of the inventory correction in China, the analyst tells investors in a research note. The firm expects gross margin resilience, coupled with a likely new model offered at capital markets day in the second half of 2024, will be key to stock outperformance.
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