Cowen Says Qualcomm. NXP Semi Headlines Consistent with Views (QCOM) (NXPI)

Cowen and Company affirms Qualcomm (Nasdaq: QCOM) at Outperform with a price target of $74 following additional NXP Semi (Nasdaq: NXPI) chatter on Thursday night.

The firm commented, While a deal is not certain, a series of headlines ... regarding price and structure are very consistent w/our pro-forma assumptions; e.g. a 75%+ cash deal that is ~20-25% accretive at ~$115-120/share w/$750MM synergies and the PF company ~2.5x levered on C2018 on a gross basis. Integration of a fabless and integrated producer is far from trivial, but this would be transformational for QCOM.

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