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Benzinga
Benzinga
Business
Anusuya Lahiri

Citi Downgrades NXP Semiconductors - Read Why

NXP Citi Christopher Danely NXPI Nasdaq NXP Semiconductors NV
  • Citi analyst Christopher Danely downgraded NXP Semiconductors NV (NASDAQ:NXPI) to Neutral from Buy with a price target of $190, down from $240 (6.8% upside), as his margin expansion thesis has played out.
  • Danely derived his Buy thesis in February 2021 from the anticipation of superior margin/EPS upside and strength from the automotive end market. He expects auto strength to continue for a while. 
  • However, NXP’s margins were near the peak, and it would be difficult for the stock to outperform until a correction resets the bar. 
  • Danely lowered his target multiple and price target given narrow margin and EPS upside. 
  • Price Action: NXPI shares closed higher by 3.12% at $178.65 on Tuesday.
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