Susquehanna Says Buy the Dip in QUALCOMM (QCOM), Broadcom (BRCM) If 'Conservative' iPhone Production Weighs (AAPL)

July 16, 2012 11:26 AM EDT
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Price: $62.88 --0%

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Shares of QUALCOMM (Nasdaq: QCOM) and Broadcom (Nasdaq: BRCM) are both trading lower Monday morning despite a bullish note from Susquehanna's Chris Caso earlier.

The analyst believes buying opportunities may be created in QUALCOMM and Broadcom shares following "conservative" third-quarter iPhone production. Caso said production will be curtailed ahead of a massive fourth-quarter ramp as the iPhone 5 is released. He cited recent supply chain checks which suggested just 3-5 million iPhones will be manufactured during the third calender quarter. These checks see about 40-50 million iPhones being manufactured during the last quarter of 2012.

Caso reduced his iPhone production estimate from 28-30 million to 25 million for Apple's (Nasdaq: AAPL) third quarter (the second quarter in the calendar year).

The Susquehanna analyst maintains Positive ratings on QUALCOMM, Broadcom, and Apple.

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