Credit Suisse analyst Chris Caso raised the firm’s price target on NXP Semiconductors to $205 from $195 and keeps a Neutral rating on the shares. The firm notes NXP’s results were consistent with what it has heard from peers, in that auto demand remains robust, yet weakness is evident beyond auto, particularly in China. Credit Suisse was encouraged by the fact that its revised 2024 estimates now reflect more than a 20% year-over-year decline in non-auto segments. Coupled with a distribution channel which NXP has managed to minimum levels, that leaves the firm "comfortable with estimates for the non-auto business."
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