Deutsche Bank Assigns Buy On NXP Semiconductors, $80 PT


In a research report issued today, Deutsche Bank analyst Ross Seymore assigned a Buy rating on NXP Semiconductors (NASDAQ:NXPI) with a price target of $80.00.

Seymore observed, “NXPI reported 3Q14 revenues of $1.52b (+12% q/q), near the high end of the guidance (+10-13% q/q) and above DBe/Street at $1.50b (+11% q/q). By segment, High Performance Mixed Signal (HPMS) revenue increased +15% q/q (vs. DBe +14%) driven by Portable & Computing +48% q/q (DBe +40%), Identification +15% q/q (DBe +16%) and Infrastructure & Industrial +13% q/q (DBe +13%). Standard Products was also above expectations +5% q/q (22% of sales) vs. DBe +3% q/q. Gross margin (incl ESO) of 47.7% (down -100bps q/q) was slightly below DBe of 47.9%, with opex (incl ESO) of $367m in-line with DBe, resulting in PF EPS of $1.35 above DB/Street estimate at $1.30. NXP repurchased $574m of stock (8.7m shares) in the quarter vs. DBe of $125m.”

According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Ross Seymore has a total average return of 28.2% and a 72.9% success rate. Seymore has a 57.0% average return when recommending NXPI, and is ranked #37 out of 3339 analysts.

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