NXP Semiconductors upgraded to Buy from Neutral at Citi

Citi analyst Christopher Danely upgraded NXP Semiconductors (NXPI) to Buy from Neutral with a price target of $290, up from $210. The analyst believes the analog recovery is imminent and that “every analog company will feel it as sales from the analog companies have fallen roughly 30% from the peak.” While there is still downside from the automotive end market, the recovery in the industrial end market should partially offset it, the analyst tells investors in a research note. CIti believes that since NXP consensus estimates have fallen roughly 30% in the past six months, most of the downside has been incorporated. As such, it expect the stock’s multiples to rise across in anticipation of estimates moving up.