As previously reported, Morgan Stanley analyst Craig Hettenbach upgraded NXP Semiconductors (NXPI) to Overweight from Equal Weight as he sees relative value in the stock after the shares have underperformed peers by 73% during the last three years. While peers such as Analog Devices (ADI), ON Semiconductor (ON), Maxim Integrated (MXIM) and Cypress Semiconductor (CY) have inventory levels at the high end or even above targets, NXP's inventory in distribution has stayed flat and is just below the mid-point of its target, said Hettenbach. As NXP's business recovers, he likes the company's ability to constrain spending to get it back in line with its target and drive operating margin, the analyst added. He also noted that the stock's multiple is at the biggest discount to peers in its history. Hettenbach raised his price target NXP shares to $114 from $99, but recommends an opportunistic approach when adding to positions given the ongoing risks of the current semiconductor cycle.

Susquehanna analyst Christopher Rolland raised the firm's price target on Impinj (PI) to $150 from $140 and keeps a Positive rating on the shares. The firm said they posted a solid print with additional upside driven by the licensing win from NXP Semiconductors (NXPI). Customer engagements and new RFID markets continue to broaden the opportunity.

BofA raised the firm's price target on Texas Instruments (TXN) to $190 from $175 and keeps a Neutral rating on the shares. TI's small Q1 beat and inline but sequentially rising Q2 sales guidance, "while modest, potentially marks a recovery inflection in industrial chip demand," with positive read-across for U.S. peers such as Analog Devices (ADI), Microchip (MCHP), NXP Semiconductors (NXPI) and On Semiconductor (ON), the analyst tells investors. However, despite an expected recovery, TI's sustained high capex intensity could keep reported calendar year 2024-26 pro-forma EPS below $6 per share, the analyst added.