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NXPI

NXP Semiconductors

$112.42

1.76 (1.59%)

, QCOM

Qualcomm

$52.62

-0.33 (-0.62%)

11:48
08/07/17
08/07
11:48
08/07/17
11:48

Investors seen with 'upper hand' as Elliott fights for higher NXP takeout price

Morgan Stanley analyst Craig Hettenbach believes NXP Semiconductors (NXPI) shareholders "have the upper hand" in seeking to push for a higher takeout price from Qualcomm (QCOM), which could be a win/win for all parties involved as a higher bid would be inconsequential to Qualcomm's balance sheet and deal accretion math. HIGHER TAKEOUT PRICE: Activist investor Elliott Management disclosed a 6% stake in the latter on Friday, with reports indicating that the firm is pushing to see Qualcomm increase its agreed upon buyout price of $110 per NXP share. In a research note to investors this morning, Morgan Stanley's Hettenbach argued that he believes NXP Semiconductors' shareholders "have the upper hand" for attempting to drive a higher takeout price. A higher bid would be "inconsequential" to the balance sheet and deal accretion calculus of Qualcomm, which needs the support of 80% of NXP Semiconductors' shareholder for the tender approval, Hettenback pointed out. Hettenbach added that his discussions with many of NXP Semiconductors' shareholders suggest they would not tender shares at $110. Nonetheless, if Qualcomm needs to increase its offer to $120 per share to achieve that, the analyst noted he does not believe it would have a meaningful impact on its balance sheet or the deal accretion math. The analyst, who sees momentum building for a higher deal price and has a "hard time believing" Qualcomm would walk away rather than raise the price and get a deal done, raised his price target on NXP to $117.50 from $110. He reiterated an Equal Weight rating on NXP Semiconductors' shares. WHAT'S NOTABLE: On Friday, Bloomberg reported that Paul Singer's Elliott Associates wants NXP Semiconductors to renegotiate with Qualcomm, find a higher bid elsewhere or remain a standalone company. The activist fund believes all three options offer better value than Qualcomm's current takeover offer, a source told Bloomberg. PRICE ACTION: In late morning trading, shares of NXP Semiconductors are fractionally up to $112.89. Over the last month, the stock has risen about 3.5%.

NXPI

NXP Semiconductors

$112.42

1.76 (1.59%)

QCOM

Qualcomm

$52.62

-0.33 (-0.62%)

NXPI NXP Semiconductors
$112.42

1.76 (1.59%)

06/19/17
DBAB
06/19/17
INITIATION
Target $62
DBAB
Hold
Qualcomm reinstated with a Hold at Deutsche Bank
Deutsche Bank analyst Ross Seymore reinstated coverage of Qualcomm (QCOM) with a Hold rating and $62 price target. While the current valuation is "enticing," uncertainty around the timing of the NXP Semiconductors (NXPI) deal closing and questions surrounding litigation with Apple (AAPL) are likely to keep the shares range-bound, the analyst contends.
06/28/17
MSCO
06/28/17
NO CHANGE
MSCO
Qualcomm could raise offer for NXP by 5%-10%, says Morgan Stanley
Morgan Stanley analyst Craig Hettenbach notes that an index of semiconductor stocks has risen 29% since Qualcomm (QCOM) made its $110 per share offer for NXP Semicodnuctors (NXPI). The firm says that Qualcomm can raise its offer for NXP by 5%-10% "with minimal impact to its balance sheet and deal accretion." It keeps an Equal Weight rating on NXP
07/20/17
SBSH
07/20/17
NO CHANGE
Target $55
SBSH
Neutral
Qualcomm royalty rates will continue to decline, says Citi
Citi analyst Christopher Danely views Qualcomm's (QCOM) Q3 results as mixed and notes earnings guidance was reduced due to lower royalties and higher expenses. Qualcomm's royalty rates will continue to decline and the NXP Semiconductors (NXPI) deal "may be fraught with problems," Danely tells investors in a research note. He keeps a Neutral rating on the shares with a $55 price target.
08/07/17
MSCO
08/07/17
NO CHANGE
Target $117.5
MSCO
Equal Weight
NXP Semiconductors target raised above deal price to $117 at Morgan Stanley
Morgan Stanley analyst Craig Hettenbach believes NXP Semiconductors (NXPI) shareholders "have the upper hand" in seeking to push for a higher takeout price from Qualcomm (QCOM), while also thinking a higher bid would be "inconsequential" to Qualcomm's balance sheet and deal accretion. The analyst, who sees momentum building for a higher deal price and a "hard time believing" Qualcomm would walk away rather than raise the price and get a deal done, raised his price target on NXP to $117.50 from $110. He keeps an Equal Weight rating on NXP shares.
QCOM Qualcomm
$52.62

-0.33 (-0.62%)

07/20/17
COWN
07/20/17
NO CHANGE
Target $70
COWN
Qualcomm customers unlikely to take business to Intel, says Cowen
Cowen analyst Timothy Arcuri said the June quarter for Qualcomm (QCOM) was okay while the September quarter outlook was bad because Samsung (SSNLF) now is withholding full royalties on top of Apple (AAPL). The analyst said there aren't many more levers these customers can pull short of taking their business to Intel (INTC), but he believes that is unlikely given the performance gap. Arcuri believes the risk/reward is still favorable and maintained his Outperform rating and $70 price target on Qualcomm shares.
07/31/17
WELS
07/31/17
NO CHANGE
WELS
Wells Fargo downgrades Semiconductor sector to Market Weight
Wells Fargo analyst David Wong downgraded the Semiconductor sector to Market Weight from Overweight. Recent earnings reports from chip companies suggest that year-over-year growth will likely plateau or perhaps even decelerate over the next few months, Wong tells investors in a research note. He believes many chip stocks now have "elevated multiples" off calendar 2018 earnings estimates. Wong still sees good investment opportunities in some specific stocks, however, and reiterates Outperform ratings on Intel (INTC), Qualcomm (QCOM), Micron (MU), AMD (AMD), Skyworks (SWKS) and Microsemi (MSCC).

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GOOG

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SRUN

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HEI

Heico

$85.55

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18:37
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Downgrade
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GPRK

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$8.61

-0.13 (-1.49%)

18:36
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MEDP

Medpace

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TOUR

Tuniu

$7.76

-0.18 (-2.27%)

18:04
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Earnings
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GLDD

Great Lakes Dredge

$3.85

-0.15 (-3.75%)

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TISI

Team

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NTAP

NetApp

$42.41

0.44 (1.05%)

17:59
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NTAP

NetApp

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0.44 (1.05%)

17:58
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NTAP

NetApp

$42.42

0.44 (1.05%)

17:52
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Earnings
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SFST

Southern First Bancshares

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BXE

Bellatrix Exploration

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NTAP

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ACHN

Achillion

$4.88

-0.12 (-2.40%)

17:45
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BCOR

Blucora

$23.35

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, BBOX

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LAKE

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ANDX

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, WNRL

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Upgrade
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ANDX

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WNRL

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GD

General Dynamics

$200.61

1.12 (0.56%)

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BLVD

Boulevard Acquisition

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FMBH

First Mid-Illinois Bancshares

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Syndicate
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NCOM

National Commerce

$39.55

0.1 (0.25%)

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AMGN

Amgen

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