Benzinga | Jul 15, 2021 10:29AM EDT

Mizuho Downgrades NXP Semiconductors To Neutral, Sees 8% Upside

* Mizuho analyst Vijay Rakesh downgraded NXP Semiconductors NV (NASDAQ:NXPI) to Neutral from Buy with a price target of $220, down from $225, implying an 8.1% upside.

* Rakesh prefers to be more defensive and selective in time after a 150% move in the PHLX Semiconductor Sector Index (SOX) year-to-date.

* He sees tougher auto and industrial comps due to the slowdown in China and the gradual stabilizing of the insatiable order growth.

* Price action: NXPI shares traded lower by 4.13% at $195.07 on the last check Thursday.