Wells Fargo Raises Valuation Range on Qualcomm (QCOM) as Company Strengthens

Wells Fargo is reaffirming its Outperform rating on shares of Qualcomm (NASDAQ: QCOM) and is raising its price valuation range from $59-$68 to $64-$74 following the release of its first quarter results.

The company reported solid first quarter results with both earnings and sales topping the Street's consensus. QCOM's Q2 EPS guidance on $1.20-$1.26 includes a $0.44 due to the sale of Spectrum to AT&T (NYSE: T), but is ahead of the Street's consensus of $0.86. The firm notes the results and solid guidance reflects the company's growing strength.

An analyst at Wells Fargo comments, "With the transition from GSM to WCDMA at the 3G generation, Qualcomm's chipset and royalty addressable market expands to essentially 100% of the handset market, creating a significant growth opportunity for the company. In addition Qualcomm has incremental growth opportunities in new markets such as tablets."

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 $59.56 yesterday.

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