Oppenheimer lowered the firm’s price target on NXP Semiconductors (NXPI) to $300 from $330 and keeps an Outperform rating on the shares. Q3 results were in line, but the Q4 sales and EPS outlook offered by the company was 8% and 14% below Street consensus, respectively. With direct/channel inventory near lows, the firm sees NXP being poised for a “meaningful rebound” on an eventual recovery, adding that its new price target reflects group multiple compression.
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