Canaccord analyst Matt Ramsay reiterated a Buy rating on shares of NXP Semiconductors NV (NASDAQ:NXPI), with a price target of $120, after the chip maker reported second-quarter results, with revenue of $2.37B and non-GAAP EPS of $1.39, roughly inline with Ramsay’s sales estimate of $2.35B and above the analyst’s estimate of $1.35. Looking forward, NXPI guided for third-quarter revenue of $2.47B, below Ramsay’s estimates of $2.46B.

Ramsay wrote, “We continue to believe NXP is fundamentally well positioned and we anticipate sustainable growth at least 50% above the sector over the next several years with integrated security providing multi-sector differentiation. Further, we believe NXP’s secular alignment is superb – security, mobile payments, eGovernment, automotive, IoT. Overall, given a tough semiconductor macro forecast to grow only 3-4%, we believe NXP’s 5-7% topline growth outlook through 2019 is appropriately conservative and we believe shares represent a compelling investment for both GARP and value-focused investors. Further, the promise of a dividend by late 2017 could open the stock to new investor pools.”

According to, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Matt Ramsay has a yearly average return of 6.4% and a 57.5% success rate. Ramsay has a 2.0% average return when recommending NXPI, and is ranked #438 out of 4087 analysts.

Out of the 15 analysts polled by TipRanks, 12 rate NXP Semiconductors stock a Buy, while 3 rate the stock a Hold. With a return potential of 23%, the stock’s consensus target price stands at $107.64.