NEW YORK (TheStreet) -- Shares of NXP Semiconductors (NXPI) are down -2.33% to $62.40 in pre-market trade after the semiconductor company was downgraded to "sell" from "neutral" at Goldman Sachs Group (GS) .
The firm expects consensus estimates to move lower due to cyclical headwinds, increased fourth quarter and first quarter seasonality, and a RF correction and for the multiple to contract in-line with peers due to commoditized products, increasing exposure to portable and computing, lower margins, ex-ESO accounting, and difficult growth in handsets.
The firm lowered its price target to $54 from $58.
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Separately, TheStreet Ratings team rates NXP SEMICONDUCTORS NV as a Buy with a ratings score of B-. TheStreet Ratings Team has this to say about their recommendation:
"We rate NXP SEMICONDUCTORS NV (NXPI) a BUY. This is driven by several positive factors, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its revenue growth, notable return on equity, impressive record of earnings per share growth, compelling growth in net income and good cash flow from operations. We feel these strengths outweigh the fact that the company has had generally high debt management risk by most measures that we evaluated."