As previously reported, Stifel analyst Tore Svanberg downgraded NXP Semiconductors (NXPI) to Sell from Hold, arguing that multiple recent industry data points seem to suggest the analog and mixed-signal semiconductor markets are peaking.

Amid the potentially peaking semi cycle, NXP has re-emerged with a post-takeover plan for a massive buyback, which translates to higher debt, Svanberg tells investors.He is particularly concerned, given the peaking industry condition, that rising interest rates raise the risk for debt-heavy firms, he added.

Svanberg cut his price target on NXP shares to $84 from $99.