NXP Semiconductors price target lowered to $255 from $280 at BofA

BofA analyst Vivek Arya lowered the firm’s price target on NXP Semiconductors (NXPI) to $255 from $280 and keeps a Buy rating on the shares. The company reported inline Q3 results, but provided a weak Q4 and soft Q1 outlook, inline with softer ex-China trends seen at nearly every auto/industrial peer, the analyst tells investors in a research note. The firm still reiterated a Buy rating, saying that despite the soft macro backdrop, NXP’s implied sales growth for 2024 is well-head of peers; that Q1 could mark the bottom; and that auto production won’t stay negative forever, with the first sign of growth resumption potentially rejuvenating recovery in a less crowded stock with limited AI theme.