NXP Semiconductors price target raised to $220 from $150 at Citi

Citi raised the firm’s price target on NXP Semiconductors (NXPI) to $220 from $150 and keeps a Sell rating on the shares. The analyst expects the Q2 earnings season to be a positive catalyst for the semiconductor space with aggregate estimates moving higher driven by artificial intelligence strength, stabilization in the PC, wireless and data center end markets, along with better prints and guides from analog companies as the industrial end market undergoes inventory replenishment. Although valuations are high, the sector can continue to move higher, the analyst tells investors in a research note. Citi increased estimates for NXP and says Micron (MU) remains its top pick.