Cowen Remains Bullish on Qualcomm (QCOM) Following Q3 Results; Reaffirms at 'Outperform'
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Cowen and Company affirms Qualcomm (Nasdaq: QCOM) at Outperform with a price target of $74 following Q3 results issued Wednesday night.
The firm commented:
While there are a lot of moving parts - especially in QTL - the NXPI deal transforms the chip business as 5G takes hold, and QTL is making solid progress on compliance (w/China's efforts to grow an IP ecosystem and become global brands helps too). Even assuming NO more catch-up payments and only low 80%s compliance in China, we are still way above Street for C2017.
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