NXP Semiconductors NV (NXPI) PT Lowered to $200 at Citi

Citi analyst Christopher Danely lowered the price target on NXP Semiconductors NV (NASDAQ: NXPI) to $200.00 (from $220.00) while maintaining a Sell rating.

The analyst comments "Yesterday, NXPI reported good results but lower guidance as the correction we expected in the Auto end market (57% of C24E sales) is impacting NXP. Given the negative datapoints across the Auto supply chain, we expect Consensus estimates to decline towards ours, which were 28% below Consensus prior to the earnings release. We reiterate our Sell rating on NXPI, but we expect the correction to last only another 2-3 quarters, and once we get a sense that the correction is priced into NXP stock, our rating could become more constructive."

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