Argus raised the firm’s price target on NXP Semiconductors to $300 from $260 and keeps a Buy rating on the shares after its Q1 earnings topped estimates. The company is benefiting from long-term growth in automotive, reflecting higher electronics content in EVs and hybrids, even as unit volumes are impacted by high prices and financing costs, the analyst tells investors in a research note. NXP Semi is also benefiting from global presences, as EV receptivity outside the U.S. has been stronger than domestic demand, the firm added.
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