J.P. Morgan Positive on Qualcomm (QCOM) Following Apple (AAPL) Q1 Results
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Price: $163.63 +1.41%
Rating Summary:
29 Buy, 21 Hold, 4 Sell
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Today's Overall Ratings:
Up: 13 | Down: 11 | New: 14
Rating Summary:
29 Buy, 21 Hold, 4 Sell
Rating Trend:
Down
Today's Overall Ratings:
Up: 13 | Down: 11 | New: 14
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J.P. Morgan is out with a few comments on Qualcomm (Nasdaq: QCOM) following Apple's (Nasdaq: AAPL) first-quarter results reported last week.
The firm noted that Apple results were in-line with current Qualcomm expectations, despite Apple being just a small portion of Qualcomm's overall chip business. iPhone shipments were flat with J.P. Morgan estimates, 47.8 million actual versus the firms' outlook for 48 million. The firm also sees iPhone's market share of 24 percent in calendar Q4 versus 16 percent the prior quarter.
Given that Apple hinted continued constraints through the quarter for its iPhone 5, J.P. Morgan suspects that Qualcomm is still on a large 28-nm chip backlog.
J.P. Morgan also noted that Apple sees continued sell-through growth in the fiscal second-quarter quarter.
On the call, Apple also didn't indicate any macro pressures, through J.P. Morgan thinks that might be attributable to the company's unique position.
J.P. Morgan rates Quallcomm at Overweight with a price target of $69.
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 $63.66 yesterday.
The firm noted that Apple results were in-line with current Qualcomm expectations, despite Apple being just a small portion of Qualcomm's overall chip business. iPhone shipments were flat with J.P. Morgan estimates, 47.8 million actual versus the firms' outlook for 48 million. The firm also sees iPhone's market share of 24 percent in calendar Q4 versus 16 percent the prior quarter.
Given that Apple hinted continued constraints through the quarter for its iPhone 5, J.P. Morgan suspects that Qualcomm is still on a large 28-nm chip backlog.
J.P. Morgan also noted that Apple sees continued sell-through growth in the fiscal second-quarter quarter.
On the call, Apple also didn't indicate any macro pressures, through J.P. Morgan thinks that might be attributable to the company's unique position.
J.P. Morgan rates Quallcomm at Overweight with a price target of $69.
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 $63.66 yesterday.
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