Nomura Securities Maintains a 'Neutral' on Qualcomm (QCOM); Cutting Estimates on Weak Chipset

Nomura Securities maintains a 'Neutral' on Qualcomm (NASDAQ: QCOM) price target of $60.00.

Analyst, Romit Shah, said, "FQ3 (June) revenue guide of $4.65bn was below our $4.74bn estimate on lower MSM shipments (144-152mn vs our estimate of 156mn). We see more measured growth in chipsets this year vis-à-vis 2011, and 28nm constraints will negatively impact margins. Estimates decrease from $4.74b/$0.73 to $4.65b/$0.73 in FQ3, from $20.0b/$3.31 to $19.8b/$3.25 in CY12, and from $21.7b/$3.81 to $21.4bn/$3.62 in CY13. Qualcomm trades at 18.5x CY13 EPS (incl ESO), versus a 5-year average multiple of 17.4x."

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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