NXP Semiconductors price target raised to $340 from $295 at Barclays

Barclays analyst Tom O’Malley raised the firm’s price target on NXP Semiconductors (NXPI) to $340 from $295 and keeps an Overweight rating on the shares after spending time with management. The company’s growth drivers are “hitting stride just when the clock strikes midnight,” the analyst tells investors in a research note. The firm says NXP’s AI edge pitch is backed with the quickest $1B funnel in its history.