Goldman Sachs upgraded NXP Semiconductors (NXPI) to Buy from Neutral with a price target of $257, down from $260, implying 23% potential upside. Although forward visibility, particularly across the automotive and industrial businesses, remains limited, Goldman does not expect a round of estimate cuts ahead of and after NXP’s Q4 earnings report on February 3, the analyst tells investors in a research note. The firm recommends investors to buy the stock, saying the downturn in automotive “is in its middle to final stages” and, as such, the market will begin to price in a cyclical recovery in 2025. In addition, NXP is taking sufficient strategic steps to gain share in the automotive semiconductor market over the medium- to long-run, contends Goldman.
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