NXP Semiconductors NV (NASDAQ:NXPI) on Tuesday reported upbeat third-quarter financial results.
NXP reported third-quarter revenue of $3.786 billion, up 19% year-over-year. The revenue total beat a Street consensus estimate of $3.760 billion, according to data from Benzinga Pro. The company reported adjusted earnings per share of $4.20, which beat a Street consensus estimate of $4.09.
“Our performance was driven by accelerating contributions from our company-specific growth drivers in automotive and industrial as well as continued momentum in data center infrastructure,” NXP CEO Rafael Sotomayor said.
NXP expects fourth-quarter revenue to be in a range of $3.75 billion to $3.95 billion. This would represent year-over-year growth of 12% to 18%, lower than the growth in the third quarter. The company is forecasting fourth-quarter earnings per share to be in a range of $4.14 to $4.58.
NXP Semiconductors shares fell 7.7% to $234.00 in pre-market trading.
These analysts made changes to their price targets on NXP Semiconductors following earnings announcement.
- Morgan Stanley analyst Joseph Moore maintained the stock with an Overweight rating and lowered the price target from $338 to $313.
- Keybanc analyst John Vinh maintained the stock with an Overweight rating and cut the price target from $345 to $330.
- Needham analyst N. Quinn Bolton reiterated the stock with a Buy and maintained a $300 price target.
- Cantor Fitzgerald analyst Matthew Prisco reiterated the stock with an Overweight rating and maintained a $400 price target.
Considering buying NXPI stock? Here’s what analysts think:
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