Cantor Fitzgerald lowered the firm’s price target on NXP Semiconductors to $270 from $350 and keeps an Overweight rating on the shares into Q3 earnings season. The firm sees a tale of two classes in semis, those levered to the traditional semi cycle, and those levered to the secular AI story, the analyst tells investors in a research note, adding that at the same time, the fundamental backdrop has deteriorated over the last three months, and the firm’s vision of an elongated cycle remains well intact. Cantor removed NXP from its Top Picks list.
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