These Analysts Boost Their Forecasts On NXP Semiconductors After Upbeat Results
Portfolio Pulse from Avi Kapoor
NXP Semiconductors (NASDAQ:NXPI) reported Q1 earnings of $3.24 per share, surpassing the consensus estimate of $3.16, and sales of $3.13 billion, slightly above the estimate of $3.127 billion. The company projects Q2 adjusted earnings between $3.00 and $3.41 per share, with revenue between $3.025 billion and $3.225 billion. Following these results, Needham and Oppenheimer raised their price targets for NXPI to $280 and $295, respectively. NXPI shares rose 3.7% to close at $256.19.
May 01, 2024 | 12:22 pm
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NXP Semiconductors reported higher-than-expected Q1 earnings and sales, with optimistic Q2 guidance. Following the announcement, Needham and Oppenheimer raised their price targets for NXPI, leading to a 3.7% increase in its stock price.
The positive earnings report and upward revision of price targets by respected analysts indicate strong confidence in NXP Semiconductors' financial health and future performance. This typically results in positive investor sentiment and can lead to a short-term increase in stock price, as evidenced by the 3.7% rise in NXPI shares.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100