Canaccord Genuity Trims Estimate, PT on Qualcomm (QCOM)

July 10, 2013 9:43 AM EDT
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Price: $64.44 -1.06%

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Canaccord Genuity analyst T. Michael Walkley trimmed estimates and its price target on Qualcomm (NASDAQ: QCOM) from $85 to $84 although the Buy rating was maintained.

"Due to our slightly lowered global smartphone estimates, we have adjusted our Qualcomm estimates," Walkley states. "However, we maintain our belief Qualcomm is well-positioned for continued strong revenue and earnings growth, especially in comparison to other large cap technology stocks."

Mr. Walkley added, "We believe continued growth of smartphones, connected devices such as tablets, the upgrade to new air interface technologies such as LTE and TDD-LTE, and strong market share gains for Qualcomm’s integrated Snapdragon solutions should drive strong F2013 and F2014 sales and earnings growth."

The firm decreased his 2013 and 2014 Annual EPS estimates to $4.51 and $4.94, respectively. He also decreased his 2013 and 2014 Annual Revenue estimates to $245.2B and 271.9B, respectively.

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 $59.39 yesterday.

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