JPMorgan lowered the firm’s price target on NXP Semiconductors (NXPI) to $240 from $260 and keeps a Neutral rating on the shares. The company reported slightly better revenue, operating margins, and earnings with better trends in automotive being slightly offset by incrementally weaker trends in industrial and communications infrastructure, the analyst tells investors in a research note. The firm says NXP continues to see a weak demand environment and customer inventory work-downs in the industrial and automotive end markets on top of the end-of-life of its embedded processor product segment within its communications infrastructure business.
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