NXPI NXP Semiconductors NV

By Michael Dabaie

NXP Semiconductors N.V. shares were gaining Wednesday, up 9% to $107.01 in afternoon trading.

The company said earlier its subsidiaries NXP B.V., NXP Funding LLC and NXP USA Inc. plan to commence a private offering of senior unsecured notes. NXP said it would use part of the proceeds to finance or refinance green projects. Pending the use for eligible green projects, proceeds will be temporarily held as cash and other short-term securities or temporarily used for the repayment of indebtedness.

NXP after the market close Monday reported first-quarter revenue was $2.0 billion, down 3% on year. The company guided for second-quarter revenue of $1.7 billion to $1.9 billion.

"Looking ahead, we believe the company is well positioned to benefit from its leadership position in automotive...strong design win traction with its crossover family of processors, and early ramp of 5G with a solid product portfolio," J.P. Morgan said in a note. J.P. Morgan raised its price target to $111.00 from $105.00 and kept the stock at Neutral.

Mizuho said that with the stock down from its January highs, it is maintaining a Buy, while trimming estimates. Mizuho lowered its price target to $112 from $115, which the firm said was still a discount to the peer group.

Write to Michael Dabaie at michael.dabaie@wsj.com

(END) Dow Jones Newswires

April 29, 2020 15:28 ET (19:28 GMT)

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