These Analysts Boost Their Forecasts On NXP Semiconductors After Upbeat Results

NXP Semiconductors NXPI reported better-than-expected first-quarter financial results, after the closing bell on Monday.

NXP Semiconductors reported quarterly earnings of $3.24 per share which beat the analyst consensus estimate of $3.16 by 2.53%. Quarterly sales came in at $3.13 billion which beat the analyst consensus estimate of $3.127 billion by 0.11% and represents a 0.29% increase over sales of $3.121 billion from the same period last year, according to data from Benzinga Pro.

"NXP delivered quarterly revenue of $3.13 billion, in-line with the midpoint of guidance with all our focus end-markets performing as expected. Our first-quarter results, guidance for the second quarter, and our early views into the second half of the year underpin a cautious optimism that NXP is successfully navigating through this industry-wide cyclical downturn. We continue to manage what is in our control enabling NXP to drive solid profitability and earnings in a challenging demand environment," said Kurt Sievers, NXP President and CEO.

NXP said it sees second-quarter adjusted earnings of between $3.00 and $3.41per share, versus the $3.11 per share estimate and total revenue in a range of $3.025B billion to $3.225 billion, versus the $3.13 billion estimate.

NXP Semiconductors shares rose 3.7% to close at $256.19 on Tuesday.

These analysts made changes to their price targets on NXP Semiconductors following earnings announcement.

  • Needham raised the price target on NXP Semiconductors from $250 to $280. Needham analyst Quinn Bolton maintained a Buy rating.
  • Oppenheimer increased the price target on NXP Semiconductors from $250 to $295. Oppenheimer analyst Rick Schafer maintained an Outperform rating.

Read This Next: This Analyst With 86% Accuracy Rate Sees More Than 24% Upside In Lattice Semiconductor – Here Are 5 Stock Picks For April From Wall Street’s Most Accurate Analysts

Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Date
ticker
name
Actual EPS
EPS Surprise
Actual Rev
Rev Surprise
Posted In: EarningsNewsPrice TargetTrading IdeasPT Changes
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!