NEW YORK (TheStreet) -- NXP Semiconductors (NXPI)NXPI shares were upgraded to "strong buy" from "outperform" by Raymond James (RJF)RJF on Wednesday.
The firm raised the company's price target to $68 from $54.
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NXP Semiconductors is up 1.7% to $59.22 in early trading Wednesday.
The firm believes that last Friday's market pullback on the stock makes it an even more attractive buy due to what it sees as an already low valuation.
"We think NXP Semiconductors will continue to see outsized, 20% growth from its identification business and we think the company has solid businesses in its other markets as well. Given Friday's (April 4) 6% pullback in shares, in addition to a valuation already below comparables, we think shares are compelling." Raymond James said.
Separately, TheStreet Ratings team rates NXP SEMICONDUCTORS NV as a Hold with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation:
"We rate NXP SEMICONDUCTORS NV (NXPI) a HOLD. The primary factors that have impacted our rating are mixed - some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its revenue growth, notable return on equity and impressive record of earnings per share growth. However, as a counter to these strengths, we find that the company has favored debt over equity in the management of its balance sheet."