NXP Semiconductors price target lowered to $271 from $275 at Morgan Stanley

Morgan Stanley lowered the firm’s price target on NXP Semiconductors to $271 from $275 and keeps an Equal Weight rating on the shares. NXP guided for the September-end quarter in line with the firm’s estimate, but below consensus, saying that while “clearly past the bottom in automotive,” the recovery is muted as some customers are still depleting inventory, the analyst tells investors in a post-earnings note.