BMO Capital Cuts Price Target on Qualcomm (QCOM) to $67 Following 4Q
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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."
Shares of Qualcomm closed at $67.09 yesterday.
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Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst EPS View, Analyst PT Change
Related EntitiesBMO Capital, Earnings, Definitive Agreement
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