Canaccord Genuity Reiterates a 'Buy' on Qualcomm (QCOM); Q4/F2011 Earnings Preview: Slightly Lowering QTL Estimates
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Price: $161.44 -1.75%
Rating Summary:
28 Buy, 21 Hold, 4 Sell
Rating Trend:
Down
Today's Overall Ratings:
Up: 17 | Down: 14 | New: 17
Rating Summary:
28 Buy, 21 Hold, 4 Sell
Rating Trend:
Down
Today's Overall Ratings:
Up: 17 | Down: 14 | New: 17
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Canaccord Genuity reiterates a 'Buy' on Qualcomm (NASDAQ: QCOM) price target of $72.00.
Canaccord analyst, T. Michael Walkley, said, "With leading global handset OEMs reporting mixed Q3/C2011 smartphone unit sales with declining weighted average ASP trends, we have lowered our QTL unit and ASP assumptions. However, we maintain our belief Qualcomm is well positioned to post strong earnings growth during F2012 and F2013 due to stable royalty rates, strong connected tablet and smartphone sales, increasing market share for integrated chipsets, and accelerating 3G device sales in emerging markets."
"Further, given the macro uncertainty and our lower smartphone estimates for the Western Europe and U.S. markets, we have lowered our C2012 unit estimates from 910M to 884M. As such, we have decreased our F2012 pro forma EPS estimate from $3.61 to $3.54, and we are introducing our F2013 estimate of $4.00."
For more ratings news on Qualcomm click here and for the rating history of Qualcomm click here.
Shares of Qualcomm closed at $53.52 yesterday.
Canaccord analyst, T. Michael Walkley, said, "With leading global handset OEMs reporting mixed Q3/C2011 smartphone unit sales with declining weighted average ASP trends, we have lowered our QTL unit and ASP assumptions. However, we maintain our belief Qualcomm is well positioned to post strong earnings growth during F2012 and F2013 due to stable royalty rates, strong connected tablet and smartphone sales, increasing market share for integrated chipsets, and accelerating 3G device sales in emerging markets."
"Further, given the macro uncertainty and our lower smartphone estimates for the Western Europe and U.S. markets, we have lowered our C2012 unit estimates from 910M to 884M. As such, we have decreased our F2012 pro forma EPS estimate from $3.61 to $3.54, and we are introducing our F2013 estimate of $4.00."
For more ratings news on Qualcomm click here and for the rating history of Qualcomm click here.
Shares of Qualcomm closed at $53.52 yesterday.
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