NEW YORK (TheStreet) -- NXP Semiconductors' (NXPI) - Get Report  stock rating was lowered to "perform" from "outperform" at Oppenheimer, as the firm believes NXP's fundamentals will now take a backseat after Qualcomm (QCOM) yesterday agreed to buy the semiconductor maker and supplier for $47 billion, or $110 per share, including debt.  

The firm expects NXP shares to trade toward the offer price as it gets nearer to 2017 fourth-quarter, which is when the deal is expected to close. 

"We view the deal as strategic/complimentary, but recognize above average integration risk," Oppenheimer said in an analyst note. 

R.W. BairdSunTrust and Morgan Stanley also downgraded NXP stock today. 

Additionally, the Netherlands-based company reported a sharp year-over-year decrease in profit for the 2016 third-quarter after Wednesday's closing bell. 

NXP said adjusted earnings were 26 cents per diluted share, compared to $1.49 per share in the 2015 third quarter. Analysts surveyed by FactSet were looking for adjusted earnings of $1.60 per share. 

The company has reported two straight quarters of losses as a result of charges related to its $12 billion purchase of Freescale Semiconductor, the Wall Street Journal reports. NXP completed the acquisition late last year. 

Revenue came in at $2.47 billion for the third quarter, which was in-line with analysts' estimates. 

Shares of NXP were increasing in early-afternoon trading on Friday.

More than 8.16 million of the company's shares changed hands so far today vs. its average 30-day volume of 6.66 million shares per day.

(NXP is a holding in Jim Cramer's Action Alerts PLUS Charitable Trust Portfolio. Want to be alerted before Cramer buys of sells NXPI? Learn more now.)

Separately, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author. 

The team rates NXP as a Buy with a ratings score of B. The company's strengths can be seen in multiple areas, such as its robust revenue growth, good cash flow from operations, expanding profit margins, solid stock price performance and largely solid financial position with reasonable debt levels by most measures. The team feels its strengths outweigh the fact that the company has had sub par growth in net income.

You can view the full analysis from the report here: NXPI

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