NXP Semiconductors price target raised to $270 from $230 at UBS

UBS raised the firm’s price target on NXP Semiconductors to $270 from $230 and keeps a Neutral rating on the shares. NXP delivered a solid set of results, roughly in line with consensus, against a backdrop of cuts to guidance at peers, which provides a supportive datapoint that the company is effectively managing inventories through the downcycle, the analyst tells investors in a research note. At the same time, UBS continues to prefer more auto powertrain exposed names, which offer a higher growth opportunity in the medium term.