BMO Capital Cuts Price Target on Qualcomm (QCOM) to $67 Following 4Q

November 3, 2016 8:22 AM EDT
Get Alerts QCOM Hot Sheet
Price: $62.88 -2.42%

Rating Summary:
    22 Buy, 23 Hold, 1 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 30 | Down: 30 | New: 23
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BMO Capital maintained a Market Perform rating on Qualcomm (NASDAQ: QCOM), and cut the price target to $67.00 (from $70.00), following the company's 4Q earnings report. Revenues were $6.2 billion and pro forma EPS was $1.28 in the quarter, better than the consensus estimates of $5.9 billion and $1.13. QCOM expects December-quarter revenue of $5.7-$6.5 billion and pro forma EPS of $1.12-$1.22, compared with our prior estimates of $6.2 billion and $1.22 and previous consensus of $6.1 billion and $1.22.

Analyst Tim Long commented, "QCOM reported upside in September based on catch-up royalty payments. Guidance into December is slightly weaker. We remain concerned about the secular growth of the core market, but expect the stock to stay in a trading range given the pending acquisition of NXPI. Our FY2017 EPS estimate goes from $4.70 to $4.60 and we are establishing a FY2018 EPS estimate of $4.70."

For an analyst ratings summary and ratings history on Qualcomm click here. For more ratings news on Qualcomm click here.

Shares of Qualcomm closed at $67.09 yesterday.

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