Oppenheimer raised the firm’s price target on NXP Semiconductors to $250 from $220 and keeps an Outperform rating on the shares. The analyst sees an in-line setup to consensus Q4 estimates and says investor focus will likely to center on auto commentary following softer outlooks from peers. The firm sees NXP as better positioned than most to weather correction, saying management has managed inventories by under shipping consumption. Oppenheimer sees long-term growth for NXP led by auto and remains long-term buyers of the shares.
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