- Mizuho analyst Vijay Rakesh downgraded NXP Semiconductors NV NXPI to Neutral from Buy with a price target of $220, down from $225, implying an 8.1% upside.
- Rakesh prefers to be more defensive and selective in time after a 150% move in the PHLX Semiconductor Sector Index (SOX) year-to-date.
- He sees tougher auto and industrial comps due to the slowdown in China and the gradual stabilizing of the insatiable order growth.
- Price action: NXPI shares traded lower by 4.13% at $195.07 on the last check Thursday.
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