After the White House issued a statement that noted Chinese President Xi said he is open to approving Qualcomm's (QCOM) previous bid to buy NXP Semiconductors (NXPI) if it were presented to him again, Morgan Stanley analyst Craig Hettenbach noted that "a lot has changed" since Qualcomm's initial offer. The semiconductor industry was in the midst of an upcyle at that time, but it is now in the midst of a correction that will likely mean downward estimate revision risk in 2019, Hettenbach said. If NXP were presented with another offer, he thinks the board could be open to the idea, but would likely require greater certainty of approval before committing given that the drawn out approval process was a material overhang last time. Hettenbach maintains an Equal Weight rating on NXP shares with a $100 price target.

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Get caught up quickly on the top news and calls moving stocks with these five Top Five lists.  1... To see the rest of the story go to thefly.com. See Story Here