Morgan Stanley raises NXP Semiconductors price target
Aug. 07, 2017 9:17 AM ETNXP Semiconductors N.V. (NXPI)QCOM, NXPIBy: Brandy Betz, SA News Editor41 Comments
- Morgan Stanley raises its price target on NXP Semiconductors (NASDAQ:NXPI) from $110 to $117.50 while maintaining an Equal Weight rating.
- Analyst Craig Hettenbach cites the “win/win” scenario of Qualcomm (NASDAQ:QCOM) offering a higher bid for NXP.
- Hettenbach says “a higher bid would be inconsequential to Qualcomm’s balance sheet and deal accretion math” and that an offer of $120 a share would only reduce EPS by 2% to 3%.
- Source: StreetInsider
- On Friday, Elliott Management disclosed a 6% stake in NXP, which makes the activist investor firm the largest shareholder and puts more weight behind its desire for a higher price.