To enhance the client experience and accelerate digital transformation, NXP Semiconductors (NXPI) has chosen Tata Consultancy Services as its strategic partner. The company provides secure connectivity solutions for embedded applications.
The combination is expected to bolster NXP Semiconductors’ integrated IT services strategy across applications, IT infrastructure and workplace services spanning enterprise, manufacturing and engineering functions.
With TCS’ technology, NXP Semiconductors’ capabilities will get a boost to further enhance business agility and build a future-ready digital foundation that supports its growth and transformation strategy. (See NXP Semiconductors stock charts on TipRanks)
The Chief Information Officer and Senior Vice-President of NXP Semiconductors, Olli Hyyppa, said, “TCS demonstrated an understanding of NXP’s environment and identified transformational opportunities. They will be a crucial partner in building our vision of an agile and lean IT environment that is essential to keep pace with our ever-growing drive to innovate.”
On September 3, Argus Research analyst Jim Kelleher initiated coverage of NXP Semiconductors with a Buy rating and a price target of $260 (upside potential of 22.6% from current level).
Consensus among analysts is a Moderate Buy based on 10 Buys and 4 Holds. The average NXP Semiconductors price target stands at $237.15, which implies upside potential of 11.8% to current levels. Shares have gained 30.9% so far this year.
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