NXP Semiconductors price target cut to $73 at Stifel despite 'impressive' CES
Stifel analyst Tore Svanberg lowered his price target on NXP Semiconductors shares to $73 from $78 to account for near-term semiconductor industry risks and its higher debt to free cash flow, though he acknowledged he was impressed by the breadth and depth of the company's technology showing in areas such as automotive, industrial & IoT, infrastructure and retail at the CES show. CES. While he believes the combination with Freescale almost 4 years ago has allowed NXP to build a broader and more comprehensive semiconductor offering, Svanberg remains concerned about the broader semiconductor environment and the company's balance sheet, he tells investors. He maintains a Sell rating on NXP shares.