Truist elevates NXP Semiconductors price target, says trades at a discount

Truist raised the firm’s price target on NXP Semiconductors (NXPI) to $252 from $230 and keeps a Buy rating on the shares following a “modest” Q2 beat. In addition to the company’s Q3 guidance raise, the firm predicts growth will turn positive in Q4 based on management’s commentary on normal seasonality and positive internal metrics. It’s a recovery, but it feels more like the end of an inventory burn than a big ramp in end demand, Truist told investors in a research note. The firm added that NXP Semiconductors has managed cyclical dynamics “quite a bit better” than peers and “trades at a discount.”