Why NXP Semiconductors, Axcelis Technologies, and SiTime Fell in October
Shares of auto and industrial-focused chip companies NXP Semiconductors (NASDAQ: NXPI), Axcelis Technologies (NASDAQ: ACLS), and SiTime (NASDAQ: SITM) had a tough October, falling 13.8%, 21.8%, and 12.6%, respectively, on the month, according to data from S&P Global Market Intelligence.
These three companies operate in slightly different areas of the automotive and industrial chip markets. And while many other types of semiconductors entered a correction in mid-2022, the auto and industrial markets had remained resilient through 2023.
There was some thinking these end markets may be resilient to a downturn, given that new cars and industrial equipment will have growing content per unit each and every year. However, the correction in these names now appears to be arriving.
Source Fool.com
NXP Semiconductors NV Stock
The stock is one of the favorites of our community with 36 Buy predictions and 2 Sell predictions.
With a target price of 270 € there is a slightly positive potential of 16.88% for NXP Semiconductors NV compared to the current price of 231.0 €.