Qualcomm (QCOM) PT Raised to $75 at Canaccord Genuity
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Canaccord Genuity analyst T. Michael Walkley reiterated a Buy rating and raised his price target on Qualcomm (NASDAQ: QCOM) to $75.00 (from $70.00), saying while the Galaxy Note 7 recall will have a slight impact to near-term estimates, a potential NXP (NASDAQ: NXPI) acquisition would be accretive.
The firm is lowering F’17 MSM shipment estimates following the discontinuation of the Galaxy Note 7. They believe Qualcomm will have a modest impact of lower Snapdragon 820 sales during the December and March quarters, as we estimate the Note 7 would sell about 20M units annually.
Given their belief the acquisition of NXP Semiconductors could happen and would provide a strong use of offshore cash and diversify Qualcomm into important automotive and IoT markets, they have provided an analysis. Their pro forma estimates are potentially conservative and indicate roughly 15% 2018 non-GAAP EPS accretion should the acquisition occur with 75% cash and 25% Qualcomm stock at $120/share.
Shares of Qualcomm closed at $66.09 yesterday.
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