NXP Semiconductors price target raised to $300 from $265 at Jefferies

Jefferies raised the firm’s price target on NXP Semiconductors (NXPI) to $300 from $265 and keeps a Buy rating on the shares. The company reported a clean “beat-and-raise” with a new call out of data center revenue trending towards $500M this year, with Industrial & Internet of Things business overall seen as a standout at $628M, the analyst tells investors in a research note. Following the stock’s recent underperformance, the firm sees room for some multiple catch-up as the cyclical recovery, secular content story, and now the data center narrative all play through, the firm added.