Benzinga | Sep 29, 2021 02:58PM EDT

Why Shares of NXP Semiconductors Are Moving Lower Today

Semiconductor stocks, such as NVIDIA Corporation (NASDAQ:NVDA), Advanced Micro Devices Inc (NASDAQ:AMD) and NXP Semiconductors NV (NASDAQ:NXPI) took a hit on Tuesday, with supply chain fears moving the industry lower.

Why Is It Moving?

Shares of NXP Semiconductors traded lower again on Wednesday after Bernstein analyst Stacy Rasgon downgraded the stock from Outperform to Market Perform and lowered the price target from $245 to $230.

Rasgon noted the firm is "growing somewhat uncomfortable" with the stock's valuation and automotive end market. It is a "clear certainty that auto semis are 'over shipping auto production.'"

Price Action:

Shares of NXP Semiconductors were trading lower by nearly 3% on Wednesday. This brings the stock down more than 7% from its close of $216.69 on Monday. NXP Semiconductors lagged behind its competitors on Wednesday, with NVIDIA and AMD relatively flat.