UBS Reiterates a 'Buy' on Qualcomm (QCOM); Adjusting Numbers on Macro & FX; Still Compelling
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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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UBS reiterates a 'Buy' on Qualcomm (NASDAQ: QCOM) price target of $73.00 (from $78.00).
Analyst, Parag Agarwal, said, "We lower our estimates for QCOM driven primarily by a challenging macro environment and strengthening US dollar, which will likely result in lower royalty revenue...we believe that at current valuation level of ex-cash NTM PE of ~10x (vs. last 5 year mean of 14x), the stock offers a compelling buying opportunity as the launch of new phones such as iPhone 5 and ramp in Samsung’s Galaxy S3 should provide a tailwind for both royalty and chipset revenues in C2H12."
FY12 EPS estimate cut from $3.40 to $3.31 and FY13 from $4.20 to $4.03. FY12 revenues cut from $19.9B to $19.4B. FY13 revs from $23.7B to $22.7B.
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 $55.67 yesterday.
Analyst, Parag Agarwal, said, "We lower our estimates for QCOM driven primarily by a challenging macro environment and strengthening US dollar, which will likely result in lower royalty revenue...we believe that at current valuation level of ex-cash NTM PE of ~10x (vs. last 5 year mean of 14x), the stock offers a compelling buying opportunity as the launch of new phones such as iPhone 5 and ramp in Samsung’s Galaxy S3 should provide a tailwind for both royalty and chipset revenues in C2H12."
FY12 EPS estimate cut from $3.40 to $3.31 and FY13 from $4.20 to $4.03. FY12 revenues cut from $19.9B to $19.4B. FY13 revs from $23.7B to $22.7B.
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 $55.67 yesterday.
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