NXP Semiconductors NV (NASDAQ:NXPI) stock soared 5.08% in Wednesday's intraday trading session, outperforming the broader market. The rally was driven by the company's better-than-expected fourth-quarter 2024 financial results and positive analyst actions following the earnings report.
The semiconductor giant reported quarterly earnings of $3.18 per share, beating the consensus estimate of $3.14. Revenue for the quarter came in at $3.11 billion, exceeding expectations of $3.104 billion but lower than the prior year's figure of $3.42 billion.
Following the solid results, several analysts revised their forecasts on NXPI stock. Notably, Needham analyst Quinn Bolton maintained a Buy rating but lowered the price target to $230 from $250, while Citigroup analyst Christopher Danely upgraded the stock from Sell to Neutral and raised the target price from $200 to $210. Additionally, Evercore ISI analyst Mark Lipacis initiated coverage with a Buy rating and a $315 price target.
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