Goldman Sachs Removes Qualcomm (QCOM) from Conviction Buy List

March 6, 2013 7:05 AM EST Send to a Friend
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Price: $71.47 +1.07%

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    22 Buy, 17 Hold, 0 Sell

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    Up: 13 | Down: 18 | New: 41
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Goldman Sachs removed Qualcomm (NASDAQ: QCOM) from its Conviction Buy List buty maintained a Buy rating and $80 price target.

The remove comes as the firm sees: chipset market share peaking in 2013 as competitors launch LTE chipsets into 2014; device ASPs in the royalty business also peaking in 2013; 3G/4G attach in tablets/notebooks is trailing expectations; and (4) Verizon is pushing for LTE-only (no CDMA) devices in 2014.

Goldman notes while their estimates are above consensus, they do show decelerating EPS growth to 10%-11% in CY14 and CY15, compared to a 21% CAGR in CY10-CY13.

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 $67.97 yesterday.


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