Truist raised the firm’s price target on NXP Semiconductors to $291 from $265 and keeps a Buy rating on the shares following solid Q1 results and guidance. The firm continues to believe NXP’s solid growth, low valuation, and cyclical superiority should lead to a re-rating. NXP’s Q1 result and Q2 guidance both beat consensus modestly. NXP’s cautious approach on inventory and pricing continues to support lower cyclical volatility vs. peers, says Truist.
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