Deutsche Bank lowered the firm’s price target on NXP Semiconductors (NXPI) to $285 from $300 and keeps a Buy rating on the shares after NXP delivered on its guidance but provided a softer outlook for the second consecutive quarter. Weakening macro conditions and softer guides have been “pervasive across the broad-based semi sector this earnings season,” but the firm had expected NXP’s previous conservative approach to yield greater insulation, so it finds the Q4 guide and implied 1Q outlook “disappointing.” Still, despite this disappointment, Deutsche believes the company is “properly and transparently responding,” sees the headwinds as systematic and not NXP specific, and expects financial performance to benefit from the eventual improvement in macro conditions, the analyst tells investors.
Don't Miss our Black Friday Offers:
- Unlock your investing potential with TipRanks Premium - Now At 40% OFF!
- Make smarter investments with weekly expert stock picks from the Smart Investor Newsletter
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on NXPI:
- Boeing union to end strike, Palantir reports Q3 beat: Morning Buzz
- Morning Movers: GlobalFoundries and Apollo Global gain following Q3 results
- Closing Bell Movers: Palantir jumps 13% after results
- NXP Semiconductors reports Q3 EPS $3.45, consensus $3.43
- NXP Semiconductors sees Q4 EPS $2.93-$3.33, consensus $3.64