Nomura Securities Maintains a 'Neutral' on Qualcomm (QCOM); Highlights from the Analyst Day

Nomura Securities maintains a 'Neutral' on Qualcomm (NASDAQ: QCOM) price target of $55.00.

Nomura analyst, Romit Shah, says, "We see Qualcomm continuing to dominate the smartphone market in 2012, with the expansion and enhancement of offerings across the S4 to S1 class of Snapdragon chipsets. We expect the high-end, 28nm S4 chipsets to be launched in early 2012. The company reiterated its FY12 revenue, EPS and QCT operating margin guidance of $18-$19bn, $3.42-$3.62, and 20-22%, respectively. While we are positive on the drivers (smartphones, non-handset devices, connectivity, and WoA) for 2012, we see downward ASP trends at the low-end (MediaTek, Spreadtrum (Nasdaq: SPRD)) and more competitive high-end (Nvidia (Nasdaq: NVDA), TI (NYSE: TXN)) keeping the stock range-bound. We maintain our sales and EPS FY12 estimates of $18.5bn/$3.55 vs cons of $18.4bn/$3.57."

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 $56.88 yesterday.

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