NXP Semiconductors (NXPI) PT Raised at Oppenheimer Ahead of Earnings and Potential M&A
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Oppenheimer analyst Rick Schafer raised his price target on Outperform-rated NXP Semiconductors NV (NASDAQ: NXPI) to $110.00 (from $100.00) and previewed Q3 earnings. The analyst said near term shares will likely react more to M&A speculation than fundamentals.
Schafer commented, "NXPI reports 3Q results Wednesday ATC and hosts its conference call 8AM ET Thursday. We see results/outlook mostly in line with consensus 3Q/4Q sales/EPS of $2.47B/$1.60 and $$2.42B/$1.61. We expect NT fundamentals to take a back seat to mgmt commentary surrounding recent reports (beginning with TheStreet.com on 9/29) that QCOM is in talks to acquire NXPI for ~$110/share. We also see NXPI as an accretive use of QCOM's nearly $30B offshore cash horde that can allow the company to diversify away from handsets. NXPI represents a relatively inexpensive non-US asset (at ~13x CY17E). We think a QCOM/NXPI deal is more likely than not. Near term shares likely react more to M&A speculation than fundamentals. We are raising our PT from $100 to $110."
Shares of NXP Semiconductors NV closed at $101.84 yesterday.
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