NXP Semiconductors N.V. unveiled new radar sensor solutions for vehicles that provides enhanced safety while driving. The chipmaker said that its radar sensing solutions “are part of the effort to reduce the 1.3 million yearly road deaths and represent radar’s evolution as a central part of driver assistance systems.”
NXP Semiconductors’ (NXPI) new radar sensor chipset solutions will surround vehicles in a 360-degree safety cocoon and allow for the identification and classification capabilities of imaging radar, the company said. Further, “the solutions, comprised of new NXP radar processors and 77GHz transceivers, offer carmakers flexible and scalable configurations that address NCAP [New Car Assessment Programme] requirements for corner and front radar applications while offering 4D imaging radar’s first commercially viable path to volume production.”
NXP Radio Frequency Processing’s executive vice president Torsten Lehmann said, “Radar has evolved from just detecting other cars’ velocity and distance to providing imaging radar’s high-resolution object and feature detection for precisely mapping the car’s surroundings.” He added that, “Our new radar sensor solutions can help customers cover NCAP requirements to make driving safe, and also address the frontier of ADAS [advanced driving assistance] sensing on the path towards fully autonomous vehicles.”
Earlier on Oct. 26, NXP reported mixed 3Q results. Its revenues increased 1% year-over-year to $2.3 billion and topped the consensus estimates of $2.23 billion. Meanwhile, NXP reported a 3Q loss of $0.08 per share, compared to analysts’ earnings expectations of $1.53 per share and the year-ago quarter’s earnings of $0.38. (See NXPI stock analysis on TipRanks)
Following its 3Q earnings, Susquehanna analyst Christopher Rolland lifted the stock’s price target to $145 (11.6% downside potential) from $140. Rolland said, “In our view, upside from a strong global recovery and company-specific growth drivers overshadow temporary margin weakness and this quarter was more good than bad.” He, however, maintained a Hold rating on the stock “as the current multiple trades at a premium to the company’s “normalized” historical multiple.”
Meanwhile, the Street has a bullish outlook on the stock. The Strong Buy analyst consensus is based on 14 Buys and 4 Holds. The average price target stands at $159.94 and implies downside potential of about 2.5% to current levels. Shares have increased 28.9% year-to-date.
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