- At 12x 2015E EPS, NXP (NXPI +2%) trades at a "25% discount to peers and tech," argues Morgan Stanley's Craig Hettenbach, lifting shares to Overweight.
- After talking with OEMs and rivals, Hettenbach is upbeat about NXP's ability to address e-government (smart ID card), banking, and embedded secure applicaions, aided by its broad secure microcontroller portfolio.
- He sees NXP's ID chip business growing at a double-digit clip, reaching 30% of sales in 2016, and sees a strong 2H rebound in NFC chip sales even if Apple orders don't materialize. MS forecasts the market for chip-based payment cards will see a 20% CAGR through 2018, growing to $1.1B.
- NXP's ID chip sales rose 13% Y/Y in Q4 to $329M, and accounted for 26% of revenue.
From other sites
at Zacks.com (Mar 4, 2015)
at CNBC.com (Mar 1, 2015)
at Benzinga.com (Mar 1, 2015)
at Investor's Business Daily (Feb 23, 2015)
at Investor's Business Daily (Feb 11, 2015)
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