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QCOM

Qualcomm

$49.62

-0.32 (-0.64%)

, AVGO

Broadcom

$228.00

-0.25 (-0.11%)

13:14
04/25/18
04/25
13:14
04/25/18
13:14

On The Fly: What to watch in Qualcomm's earnings report

Qualcomm (QCOM) is scheduled to report results of its second fiscal quarter after the market close on April 25, with a conference call scheduled for 4:45 pm ET. What to watch for: 1. CONSENSUS DOWN SIGNIFICANTLY: Along with its last report, Qualcomm guided for Q2 adjusted earnings per share in the range of 65c-75c on revenue of $4.8B-$5.6B. At the time, analysts were expecting the company to report Q2 EPS of 85c on revenue of $5.19B, but those figures have both since dropped to 70c and $5.19B, respectively. 2. BROADCOM DROPS PROPOSAL: On March 12, U.S. president Donald Trump issued an executive order blocking Broadcom's (AVGO) attempt to acquire Qualcomm. The order stated that there was "credible evidence" that led the president to believe that Broadcom "might take action that threatens to impair the national security of the United States" should it exercise control of Qualcomm. Two days later, Broadcom announced that it had withdrawn and terminated its offer for Qualcomom and had withdrawn its slate of independent director nominees for Qualcomm's 2018 Annual Meeting of Stockholders. 3. JACOBS BUYOUT ATTEMPT: On March 15, the Financial Times reported that former Qualcomm chairman Paul Jacobs had approached a number of global investors in an effort to acquire the chipmaker. Jacobs had informed members of the Qualcomm board about his intention to launch a buyout, with SoftBank (SFTBF) as one of the potential investors approached by the longtime Qualcomm chairman. A day later, Qualcomm announced that Jacobs would not be re-nominated the the company's board following his notification that he had explored the possibility of proposed to buy the chipmaker. CNBC reported earlier this month that Jacobs was speaking with strategic investors and sovereign wealth funds to chip in for a fully financed bid to take Qualcomm private in the next two months. 4. NXP MOFCOM: Last week, Qualcomm said that it and NXP Semiconductors (NXPI), at the request of the Ministry of Commerce in China, have withdrawn and refiled the notice of acquisition regarding the companies' planned combination. The move extended the parties' purchase agreement to July 25. 5. ZTE BAN: Last week, the U.S. Department of Commerce banned U.S. companies from selling components to Chinese telecom equipment maker ZTE Corp. (ZTCOY) for seven years for violating the terms of a sanctions violation case. Reuters reported a day later that the move by the Commerce Department will negatively affect Qualcomm, as it sells the bulk of the chips in ZTE cell phones and roughly 46M of those phones were sold last year.

QCOM

Qualcomm

$49.62

-0.32 (-0.64%)

AVGO

Broadcom

$228.00

-0.25 (-0.11%)

SFTBF

SoftBank

$0.00

(0.00%)

NXPI

NXP Semiconductors

$101.89

0.12 (0.12%)

ZTCOY

ZTE Corp.

$0.00

(0.00%)

  • 25

    Apr

QCOM Qualcomm
$49.62

-0.32 (-0.64%)

04/24/18
RBCM
04/24/18
NO CHANGE
Target $75
RBCM
Outperform
Qualcomm price target lowered to $75 from $80 at RBC Capital
RBC Capital analyst Amit Daryanani lowered his price target on Qualcomm (QCOM) to $75 ahead of the company's earnings tomorrow, citing his supply chain conversations suggesting a "muted" iPhone (AAPL) and Samsung (SSNLF) GS9 unit shipment growth along with lackluster smartphone demand in China. Longer term, the analyst keeps his Outperform rating on Qualcomm with a view toward potential catalysts being "licensing resolution", the close of NXP Semiconductors (NXPI) deal or a "material buyback, and cost reductions.
04/23/18
DBAB
04/23/18
NO CHANGE
DBAB
Hold
NXP could be worth 5%-10% more if deal breaks, says Deutsche Bank
Deutsche Bank analyst Ross Seymore continues to have a successful Qualcomm (QCOM) acquisition close as his base case for NXP Semiconductors (NXPI), but he agrees with investors that risks of a break are rising. In a break scenario, the analyst sees 5%-10% upside to NXP shares on a normalized basis. However, before that normalized level is attained, Seymore sees 10% downside risk as the current "arb-laden shareholder base would likely exhibit significant turnover." Consequently, while the long-term risk/reward is becoming intriguing, near-term event/political uncertainty is likely to remain elevated, the analyst tells investors in a research note. As such, he keeps a Hold rating on NXP.
04/20/18
ADAM
04/20/18
NO CHANGE
Target $79
ADAM
Buy
Qualcomm price target lowered to $79 from $86 at Canaccord
Canaccord analyst T. Michael Walkley lowered his price target on Qualcomm (QCOM) to $79 from $86. The analyst said the recent selloff was likely due to trade war issues with China, but he also believes investors are now pricing in a lower probability it will receive approval for its acquisition of NXP Semiconductor (NXPI). He also lowered his near-term estimates on Qualcomm due to sluggish smartphone trends. Walkley maintained his Buy rating on Qualcomm shares.
04/17/18
MSCO
04/17/18
NO CHANGE
Target $55
MSCO
Underweight
Qualcomm faces headwinds even if NXP deal gets approved, says Morgan Stanley
Morgan Stanley analyst James Faucette believes the market has built in a meaningful probability that China blocks Qualcomm's (QCOM) acquisition of NXP Semiconductors (NXPI), though he feels it is in China's best interest to approve the deal and he feels that is what will happen. However, even if the NXP deal gets approved, he continues to think the Apple (AAPL) lawsuit is unlikely to conclude before FY19 and he sees its as increasingly likely that licensing disputes with other non-paying OEM will be a persistent issue. Share gains made by MediaTek and the ZTE (ZTCOY) ban could create added EPS headwinds for Qualcomm, said Faucette, who maintains an Underweight rating on the stock.
AVGO Broadcom
$228.00

-0.25 (-0.11%)

04/24/18
MZHO
04/24/18
DOWNGRADE
MZHO
Neutral
Skyworks downgraded to Neutral from Buy at Mizuho
Mizuho analyst Vijay Rakesh downgraded Skyworks (SWKS) to Neutral saying the effects of a maturing handset cycle could start to impact the RF suppliers. The analyst believes Apple is "taking a step back" in its second half of 2018 handset mix to LCD, flat pricing, and increasing new content. As such, incumbent content suppliers may feel pressure, Rakesh tells investors in a research note. The analyst keeps Buy ratings on both Broadcom (AVGO) and Synaptics (SYNA).
04/25/18
PIPR
04/25/18
INITIATION
Target $293
PIPR
Overweight
Broadcom initiated with an Overweight at Piper Jaffray
Piper Jaffray analyst Harsh Kumar started Broadcom with an Overweight rating and $293 price target. The company is trading at an attractive valuation and has a leadership position in several key franchises that provide a superior return, Kumar tells investors in a research note. Broadcom has put together one of the industry's best financial models, the analyst contends.
04/25/18
04/25/18
INITIATION

On The Fly: Top five analyst initiations
Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. Spotify (SPOT) initiated with a Neutral at B. Riley FBR. 2. Broadcom (AVGO) initiated with an Overweight at Piper Jaffray. 3. Williams Partners (WPZ) and Williams (WMB) were initiated with a Buy at Seaport Global. 4. Wayfair (W) initiated with an Equal Weight at Morgan Stanley. 5 WPX Energy (WPX) initiated with an Outperform at RBC Capital. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
04/25/18
DAIW
04/25/18
UPGRADE
DAIW
Buy
Broadcom upgraded to Buy from Outperform at Daiwa
SFTBF SoftBank
$0.00

(0.00%)

09/29/17
09/29/17
NO CHANGE

SoftBank eyes acquisitions to create $300B asset-management arm, Bloomberg says
SoftBank Group (SFTBF) is looking at further acquisitions in the financial sector in an effort to establish a $300B asset management arm that would include its $93B Vision Fund over the next four to five years, Bloomberg reports, citing people familiar with the matter. SoftBank, which agreed to acquire Fortress Investment Group (FIG) for $3.3B in February, is mulling investments in the space such as acquiring traditional investment firms or taking stakes in major private equity shops like KKR (KKR). Reference Link
10/18/17
WELS
10/18/17
NO CHANGE
WELS
Wells Fargo 'surprised' tower stocks didn't react to SoftBank news
After it was reported that SoftBank (SFTBF) and Australian real estate company Lendlease formed a joint venture to purchase 8,000 cell tower sites in the U.S., Wells Fargo analyst Jennifer Fritzsche said she was "surprised" that tower company stocks did not react to this news. She had already thought if a T-Mobile (TMUS) and Sprint (S) merger deal was followed by T-Mobile CTO Neville Ray talking about network savings that the tower stocks "could take a hit," and this news may have given him "a much bigger arrow" in that quiver, she tells investors. Publicly traded tower companies include American Tower (AMT), Crown Castle (CCI) and SBA (SBAC).
10/18/17
KEYB
10/18/17
NO CHANGE
KEYB
KeyBanc says Softbank JV won't compete with primary business of tower operators
KeyBanc said it does not view Softbank's (SFTBF) joint venture with Australia's Lendlease as competitive to the tower operators' primary business, noting that the venture is likely to focus on rooftop sites in urban markets, but tower businesses generate the vast majority of their revenue on sites located outside urban areas. Publicly traded tower companies include American Tower (AMT), Crown Castle (CCI) and SBA (SBAC).
10/19/17
BERN
10/19/17
INITIATION
BERN
Outperform
SoftBank initiated with an Outperform at Bernstein
Bernstein analyst Chris Lane started SoftBank with an Outperform rating as he believes the company has a "bright future."
NXPI NXP Semiconductors
$101.89

0.12 (0.12%)

ZTCOY ZTE Corp.
$0.00

(0.00%)

04/17/18
JEFF
04/17/18
DOWNGRADE
JEFF
Underperform
ZTE Corp. downgraded to Underperform from Buy at Jefferies
Jefferies analyst Edison Lee double downgraded ZTE Corp. to Underperform from Buy after the U.S. Department of Commerce imposed a new export ban on the company. In a research note partially titled "All Hell Breaks Loose," the analyst says the lack of U.S. components will likely cause ZTE to miss shipment and lose orders on handsets and transmission.
04/25/18
NEED
04/25/18
DOWNGRADE
Target $35
NEED
Buy
Inphi downgraded to Buy at Needham on lumpy COLORZ revenue
As reported earlier, Needham analyst N. Quinn Bolton downgraded Inphi (IPHI) to Buy from Strong Buy while maintaining his $35 price target. Bolton says the inventory purge in China has finally produced a bottom in the coherent LH/metro market, while the Pam-4 Digital Signal Processor revenue appears poised to top prior forecasts. However, the analyst is also more cautious on the "lumpy COLORZ" Silicon photonics technology mitigating the upside, along with the ban on ZTE (ZTCOY) imports stunning the growth of the company's other high-margin products.
04/17/18
BWSF
04/17/18
NO CHANGE
BWSF
Buy
AXT, Inc. selling pressure from ZTE news unwarranted, says BWS Financial
BWS Financial analyst Hamed Khorsand noted that news of a U.S. Department of Commerce export ban against ZTE (ZTCOY) caused optical component stocks to come under significant selling pressure yesterday. However, while AXT, Inc. (AXTI) gets bundled with optical component stocks sometimes due to its indium phosphide crystals being used for optical components, he views the pressure on the stock as unwarranted. AXT has a diversified customer base with multiple end markets and no customer representing over 10% of revenue, noted Khorsand, who maintains a Buy rating on the stock.
04/18/18
MKMP
04/18/18
NO CHANGE
Target $25
MKMP
Neutral
Acacia Communications price target lowered to $25 from $40 at MKM Partners
MKM Partners analyst Michael Genovese lowered his price target on Acacia Communications (ACIA) to $25, saying the U.S. Commerce Department ban on component supplies to China's ZTE (ZTCOY) is a "big loss" for the company. Genovese notes that ZTE represented about 30% of Acacia's sales in 2015-2017 and was about 16% of sales in the most recent quarter. The analyst keeps his Neutral rating on Acacia Communications, expecting it to focus "much more intently" on its Hyper Scale DCI opportunities, while also lowering his Q2 EPS view to 7c from 14c.

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VKTX

Viking Therapeutics

$20.35

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Netflix

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SPWR

SunPower

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