NXP Semiconductors (NXPI) will likely report a modest upside to Q2 results and Q3 outlook as cyclical recovery takes hold, especially in the auto and industrial segments, while US-China tariffs limit long-term visibility, Oppenheimer said in an earnings preview emailed Tuesday.
Automotive is expected to grow 3% quarter-over-quarter, its first flat year-over-year comparison since Q4 2023, driven by S32 processors, radar, and battery management systems, according to the firm.
Oppenheimer said that industrial and Internet of Things account for 18% of revenue and are expected to grow 5% in Q2, with recent improvement in the global Purchasing Managers Index supporting sentiment.
Gross margin is improving from the first quarter's trough, with fab utilization currently around 70% and expected to trend toward 80% over time, helping margins rise above 60%, the firm added.
The firm has an outperform rating on NXP's stock with a $250 price target.
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