UBS Reiterates a 'Buy' on Qualcomm (QCOM); Adjusting Numbers on Macro & FX; Still Compelling
Tweet Send to a FriendGet Alerts QCOM Hot Sheet
Price: $64.26 +0.55%
Rating Summary:
25 Buy, 6 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 11 | Down: 18 | New: 13
Rating Summary:
25 Buy, 6 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 11 | Down: 18 | New: 13
Trade QCOM Now!
UBS reiterates a 'Buy' on Qualcomm (NASDAQ: QCOM) price target of $73.00 (from $78.00).
Analyst, Parag Agarwal, said, "We lower our estimates for QCOM driven primarily by a challenging macro environment and strengthening US dollar, which will likely result in lower royalty revenue...we believe that at current valuation level of ex-cash NTM PE of ~10x (vs. last 5 year mean of 14x), the stock offers a compelling buying opportunity as the launch of new phones such as iPhone 5 and ramp in Samsung’s Galaxy S3 should provide a tailwind for both royalty and chipset revenues in C2H12."
FY12 EPS estimate cut from $3.40 to $3.31 and FY13 from $4.20 to $4.03. FY12 revenues cut from $19.9B to $19.4B. FY13 revs from $23.7B to $22.7B.
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 $55.67 yesterday, with a 52 week range of $45.98-$68.87.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
*NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here
Analyst, Parag Agarwal, said, "We lower our estimates for QCOM driven primarily by a challenging macro environment and strengthening US dollar, which will likely result in lower royalty revenue...we believe that at current valuation level of ex-cash NTM PE of ~10x (vs. last 5 year mean of 14x), the stock offers a compelling buying opportunity as the launch of new phones such as iPhone 5 and ramp in Samsung’s Galaxy S3 should provide a tailwind for both royalty and chipset revenues in C2H12."
FY12 EPS estimate cut from $3.40 to $3.31 and FY13 from $4.20 to $4.03. FY12 revenues cut from $19.9B to $19.4B. FY13 revs from $23.7B to $22.7B.
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 $55.67 yesterday, with a 52 week range of $45.98-$68.87.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
*NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here
You May Also Be Interested In
- Jefferies Bumps Zumiez (ZUMZ) Numbers Up, But Remains on Sidelines
- Imperial Capital Boosts Price Target on Dick's (DKS); 'Best-of-Breed'
- Pandora (P) Posts 'Strong Quarter' - Needham & Company
Create E-mail Alert Related Categories
Analyst Comments, Analyst EPS Change, Analyst EPS View, Analyst PT ChangeRelated Entities
UBS, S3
Login with Facebook
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
