Canaccord Genuity Reiterates a 'Buy' on Qualcomm (QCOM); FY12 Looking Somewhat Limited, but Strong '13 Growth On Track
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Price: $165.79 +0.61%
Rating Summary:
25 Buy, 33 Hold, 5 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
25 Buy, 33 Hold, 5 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
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Canaccord Genuity reiterates a 'Buy' on Qualcomm (NASDAQ: QCOM) price target of $80.00.
Analyst, T. Michael Walkley, said, "Qualcomm posted strong Q2/F2012 results above our estimates and consensus and raised full year F2012 EPS guidance. However, QCOM guided Q3/F2012 revenue and EPS below our expectations as supply constraints for Qualcomm’s leading 28nm solutions, combined with increased operating expenses to drive 28nm supply, resulted in the lower June quarter EPS guidance. However, we anticipate a sharp ramp in 28nm supply during Q1/F2013 and believe QCOM is well positioned to post strong earnings growth due to stable royalty rates, strong connected device sales, increasing market share for integrated chipsets, and accelerating 3G device sales in emerging markets."
FY12 EPS estimate cut from $3.84 to $3.75, maintains FY13 at $4.46.
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 $66.99 yesterday.
Analyst, T. Michael Walkley, said, "Qualcomm posted strong Q2/F2012 results above our estimates and consensus and raised full year F2012 EPS guidance. However, QCOM guided Q3/F2012 revenue and EPS below our expectations as supply constraints for Qualcomm’s leading 28nm solutions, combined with increased operating expenses to drive 28nm supply, resulted in the lower June quarter EPS guidance. However, we anticipate a sharp ramp in 28nm supply during Q1/F2013 and believe QCOM is well positioned to post strong earnings growth due to stable royalty rates, strong connected device sales, increasing market share for integrated chipsets, and accelerating 3G device sales in emerging markets."
FY12 EPS estimate cut from $3.84 to $3.75, maintains FY13 at $4.46.
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 $66.99 yesterday.
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