As previously reported, Wolfe Research upgraded NXP Semiconductors to Outperform from Peer Perform with a $255 price target. While concerned that the full extent of the auto correction “may not be dialed into NXPI numbers,” more cuts to auto are “possible but likely mild,” while the company’s other segments have by now corrected, says the analyst, who views the valuation as “attractive on both trough/bull case EPS.”
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