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NXPI

NXP Semiconductors

$115.64

-0.2 (-0.17%)

, QCOM

Qualcomm

$64.86

-0.32 (-0.49%)

08:01
12/13/17
12/13
08:01
12/13/17
08:01

Elliott: UBS report supports view that NXP's value in excess of Qualcomm offer

Elliott Advisors, which advises funds that collectively hold an economic interest in NXP Semiconductors N.V. (NXPI) of approximately 6%, today released the UBS Valuation Report delivered to it by UBS Investment Bank in which UBS estimates, as of the date of the report, that the midpoint of the trading multiples valuation of NXP's shares is approximately $136.51 per share. Prior to the UBS Valuation Report being delivered to Elliott, the report underwent all UBS internal reviews that are customary in relation to UBS providing such a valuation report or opinion. Elliott encourages fellow shareholders to review the UBS Valuation Report and consider the analyses presented. In response to Qualcomm's (QCOM) claim that Elliott's value assertion is "unsupportable," Elliott directs Qualcomm and other interested parties to Elliott's presentation released shortly before Qualcomm's statement on Monday, December 11, which is available to view and download at www.FairValueForNXP.com. As detailed in the presentation, Elliott's assessment of NXP's valuation is based on extensive due diligence which has included input from numerous industry experts and advisors. In addition, Elliott has released the UBS Valuation Report, in which UBS estimates the value range of NXP's shares on a trading basis to be approximately $120 to $150 per share. Elliott believes this report provides further evidence that its valuation is well supported and fair. Elliott has now published both its own analysis and the analysis of UBS, each of which supports its assessment of NXP's valuation. Elliott encourages Qualcomm to publish the analysis it has undertaken to support its assertion that $110 is "full and fair."

NXPI

NXP Semiconductors

$115.64

-0.2 (-0.17%)

QCOM

Qualcomm

$64.86

-0.32 (-0.49%)

AVGO

Broadcom

$258.70

-1.25 (-0.48%)

  • 09

    Jan

  • 09

    Jan

NXPI NXP Semiconductors
$115.64

-0.2 (-0.17%)

11/06/17
KEYB
11/06/17
NO CHANGE
KEYB
Broadcom bid for Qualcomm would be impressive 'masterpiece,' says KeyBanc
KeyBanc analyst John Vinh notes that the Wall Street Journal reported that Broadcom (AVGO) is contemplating an unsolicited bid to acquire Qualcomm (QCOM) for $70/share. The analyst believes this deal would make sense, as he sees significant cost synergies and the opportunity for Broadcom to leverage its healthy relationship with Apple (AAPL) to mend the current strife between Qualcomm and Apple. Additionally, Vinh thinks this deal would be meaningfully accretive to Broadcom and could drive consolidated EPS of $22.97, which would imply fair value of $350.In his M&A scenario analysis, the analyst is assuming Qualcomm backs out of its bid for NXP Semiconductors (NXPI) and Broadcom looks to divest QTL and closes on its acquisition of Brocade (BRCD). In terms of implications, he views as Positive for Cavium's (CAVM) ThunderX business.
11/08/17
RBCM
11/08/17
UPGRADE
Target $70
RBCM
Outperform
Qualcomm upgraded to Outperform at RBC Capital on limited downside risks
As previously reported, RBC Capital analyst Amit Daryanani upgraded Qualcomm (QCOM) to Outperform from Sector Perform and raised his price target to $70 from $55. Daryanani says stock price valuation is attractive at current levels regardless of the Broadcom (AVGO) bid, though he notes that the probability of the initial $70 per share bid being the final price is low, with revised bids reaching high-$70 to low-$80 per share range. If Qualcomm remains independent, the analyst says the roadmap for value creation is still compelling, as the company looks to its NXP Semi (NXPI) deal, resolves Apple (AAPL) disputes, and reduces spending.
11/07/17
RHCO
11/07/17
NO CHANGE
Target $325
RHCO
Buy
Broadcom price target raised to $325 from $281 at SunTrust
SunTrust analyst William Stein raised his price target on Broadcom (AVGO) to $325 and kept his Buy rating. Stein cites CEO Hock Tan's strategy with regards to Qualcomm (QCOM) and his track of using M&A to generate earnings growth. The analyst anticipates that Qualcomm will likely reject Broadcom's $70/shr bid, at which point the latter will likely nominate a slate of directors while the former attempts to close its NXP Semiconductors (NXPI) deal as quickly as possible. Stein also says the potential Broadcom-Qualcomm deal could also be a negative for Intel (INTC) and a positive for Cypress Semi (CY) on competitive factors.
11/06/17
WELS
11/06/17
DOWNGRADE
Target $65
WELS
Market Perform
Wells Fargo downgrades Qualcomm amid Broadcom offer rally
Wells Fargo analyst David Wong downgraded Qualcomm (QCOM) to Market Perform from Outperform amid the rally in shares following Broadcom's (AVGO) unsolicited takeover offer. The stock is now trading close to the analyst's valuation range. He has a $65 price target for the shares. Going forward Qualcomm will not trade on fundamentals but on developments regarding the acquisition offer, Wong tells investors in a research note. He believes Broadcom's offer price assigns essentially no incremental value to Qualcomm's stock associated with the possible closing of the NXP Semiconductors (NXPI) deal or resolution of outstanding disputes. Standpoint Research today also downgraded Qualcomm.
QCOM Qualcomm
$64.86

-0.32 (-0.49%)

12/04/17
KEYB
12/04/17
NO CHANGE
Target $320
KEYB
Overweight
Broadcom price target raised to $320 from $290 at KeyBanc
KeyBanc analyst John Vinh raised his price target for Broadcom (AVGO) to $320 from $290 ahead of quarterly results. The analyst anticipates investor focus will remain on the company's outstanding bid for Qualcomm (QCOM). The analyst believes Broadcom should ultimately be successful in acquiring Qualcomm as he struggles to see how the latter would prevail in a proxy battle. Vinh reiterates an Overweight rating on Broadcom's shares.
12/05/17
NORL
12/05/17
NO CHANGE
Target $18
NORL
Outperform
Himax may see 'fantastic' growth in 2018, says Northland
Northland analyst Tom Sepenzis says Himax (HIMX) could see "fantastic" growth in 2018 if the 3D sensing opportunity plays out the way that management outlined on its last call. While the growth at its large North American customer remains the easiest to quantify, the real opportunity for growth involves the Android handset vendors and the 3D sensing structured light solution developed with Qualcomm (QCOM), he contends. The analyst reiterates an Outperform rating and $18 price target on Himax shares.
12/04/17
OPCO
12/04/17
NO CHANGE
Target $300
OPCO
Outperform
Broadcom price target raised to $300 from $275 at Oppenheimer
Oppenheimer analyst Rick Schafer raised his price target for Broadcom (AVGO) to $300 from $275 ahead of quarterly results. The analyst expects a positive, and eventful call, with topics including the potential Qualcomm (QCOM) acquisition, recently closed Brocade purchase, iP8/X ramps, and core switching/routing. Schafer remains a long-term buyer, and reiterates an Outperform rating on Broadcom's shares.
11/29/17
ADAM
11/29/17
NO CHANGE
Target $313
ADAM
Buy
Broadcom could offer $100 for Qualcomm in accretive deal, says Canaccord
Canaccord analyst T. Michael Walkley raised his estimates on Broadcom (AVGO) ahead of its Q4 results. The analyst anticipates an increased offer for Qualcomm (QCOM) and said a deal would still be accretive at $100 per share. The combination would make Broadcom the third largest semiconductor company in the world and would position it for strong long-term earnings and cash flow generation, said, Walkley, who reiterated his Buy rating and raised his price target to $313 from $300 on Broadcom shares.
AVGO Broadcom
$258.70

-1.25 (-0.48%)

12/07/17
BERN
12/07/17
NO CHANGE
Target $325
BERN
Outperform
Broadcom price target raised to $325 from $300 at Bernstein
Bernstein analyst Stacy Rasgon raised her price target for Broadcom to $325 from $300 following a "strong" quarter. The analyst reiterates an Outperform rating on the shares.
12/07/17
CHLM
12/07/17
NO CHANGE
Target $330
CHLM
Buy
Broadcom price target raised to $330 from $290 at Craig-Hallum
Craig-Hallum analyst Anthony Stoss raised his price target for Broadcom (AVGO) to $330 from $290 noting that guidance was better than feared due to slight wireless growth and extra week. The analyst believes the company continues to benefit from its 40% content growth phone over phone in Apple's (AAPL) iPhone 8/8 Plus/X, driving October results toward the high end of its guided range. He reiterates a Buy rating on Broadcom's shares.
12/08/17
DADA
12/08/17
NO CHANGE
Target $325
DADA
Buy
Broadcom price target raised to $325 from $295 at DA Davidson
DA Davidson analyst Thomas Diffely raised his price target on Broadcom (AVGO) to $325 after a better than expected Q4, saying strength was driven by content growth at Apple (AAPL). Diffely shifts his price target based on the 500bps expansion in operating margin, 72% dividend boost, and contributions from the recently completed Brocade acquisition. The analyst keeps his Buy rating, citing greater confidence in the strength of Broadcom business and potential for further growth.
12/08/17
NOMU
12/08/17
NO CHANGE
Target $330
NOMU
Buy
Broadcom price target raised to $330 from $300 at Nomura Instinet
Nomura Instinet analyst Romit Shah raised his price target for Broadcom Limited to $330 saying several positives came from the company's better than expected Q4 results. The analyst keeps a Buy rating on the shares.

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Ameren

$57.59

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GDS Holdings

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JWN

Nordstrom

$47.30

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FCX

Freeport McMoRan

$16.98

-0.19 (-1.11%)

CELG

Celgene

$77.24

0.65 (0.85%)

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GSHD

Goosehead Insurance

$16.30

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NDSN

Nordson

$128.43

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CELG

Celgene

$77.35

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EVOP

EVO Payments

$0.00

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MRK

Merck

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CWH

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KMI

Kinder Morgan

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JD

JD.com

$36.41

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XLNX

Xilinx

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TIF

Tiffany

$117.76

15.5 (15.16%)

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MGM

MGM Resorts

$31.57

-0.005 (-0.02%)

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TIF

Tiffany

$116.41

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, RL

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