Evercore ISI raised the firm’s price target on NXP Semiconductors (NXPI) to $289 from $237 and keeps an Outperform rating on the shares. While the firm has been constructive broadly on the analog/MCU group and remains constructive on the group broadly, it shifts On Semi (ON) and NXP to top ideas in this segment as they were the latest to see the inventory correction and it believes will be the next to see a troughing and positive inflection in fundamentals, the analyst tells investors.
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