Mizuho Securities Upgrades Qualcomm (QCOM) to Buy on Potential NXP Deal
Mizuho Securities upgraded Qualcomm (NASDAQ: QCOM) from Neutral to Buy with a price target of $75.00 following reports the company is looking to acquire NXP (NASDAQ: NXPI)
Analyst Vijay Rakesh commented, "We believe a deal here makes significant strategic and financial sense. As OEMs look to diversify away from a maturing handset market, we are seeing the leaders AVGO and QCOM try to actively diversify. QCOM dominates automotive telematics and we believe the potential acquisition of NXPI will give it in-cockpit market share, powertrain, safety, and an automotive processor portfolio from FSL that creates the first end-to-end semiconductor auto supplier of the future."
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Shares of Qualcomm closed at $63.45 yesterday.