Topeka Capital Starts Qualcomm (QCOM) at Buy

January 9, 2013 12:39 PM EST
Get Alerts QCOM Hot Sheet
Price: $64.80 -0.51%

Rating Summary:
    22 Buy, 23 Hold, 1 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 22 | Down: 32 | New: 34
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Earlier, Topeka Capital initiated coverage on Qualcomm (NASDAQ: QCOM) with a Buy. PT $75.00.

The firm comments, "We believe QCOM's current momentum will continue in the near-to-mid-term as the Company gains share in wireless chipsets and at the same time, benefits from robust growth in the smartphone and tablet markets, which should not only drive its chipset business, but also the royalty business. We further believe that concerns related to vertical integration by handset OEMs are overstated and QCOM's clear leadership in modems could drive OEMs to have creative arrangements with the Company. Our Buy rating is predicated on above consensus estimates and a sum-of-the-parts valuation."

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 $63.91 yesterday.

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