UPDATE: Topeka Capital Initiates Coverage on NXP Semiconductor, Believes Company has 'Diversified Growth Opportunity'

In a report published on Thursday, analysts from Topeka Capital Markets initiated coverage on NXP Semiconductor NV (NASDAQ: NXPI) with a Buy rating and a $36.50 PT.

In the report, lead analyst Suji De Silva commented that, "We are initiating coverage of NXP Semiconductor with a Buy rating and a $36.50 price target. While computing and industrial segments remained weak in 1Q13, we expect demand to stabilize and steadily improve in 2H13, removing a revenue headwind. We believe any recovery in wireless infrastructure in 2H13 represents upside to our current model. We believe that NXPI has done a good job reducing its debt burden since coming public in 2010."

NXP Semiconductor NV closed on Thursday at $30.10