BMO Capital Upgrades Qualcomm (QCOM) to Market Perform
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BMO Capital upgraded Qualcomm (NASDAQ: QCOM) from Underperform to Market Perform with a price target of $70.00 (from $53.00).
Analyst Tim Long commented, "Qualcomm announced its intention to acquire NXP Semiconductors for $110 in an all-cash deal valued at $47 billion. We are neutral on the deal but raise our rating on QCOM shares from Underperform to Market Perform as we believe the stock will stay in a trading range despite challenging fundamentals in Qualcomm's core business. We increase our price target from $53 to $70, using an EV/FCF of 16x for the combined company, in line with the peer group of mega-cap semiconductor stocks."
Shares of Qualcomm closed at $70.09 yesterday.
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Create E-mail Alert Related CategoriesAnalyst Comments, Analyst PT Change, Upgrades
Related EntitiesBMO Capital, Definitive Agreement
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