Qualcomm (QCOM) Target, Estimates Lifted at Jefferies
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Price: $163.25 +1.18%
Rating Summary:
29 Buy, 21 Hold, 4 Sell
Rating Trend:
Down
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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Jefferies analyst Peter Misek reiterated a Buy rating, raised estimates and boosted his price target on Qualcomm (NASDAQ: QCOM) from $86 to $95.
Misek said, "We assume fewer TD-SCDMA handsets (on which Qualcomm has difficulties collecting royalties) after China Mobile revealed it is targeting 100M TD-SCDMA (Jef prior 155M) and 100M TD-LTE handsets in 2014. We also assume smartphone ASPs decline 4% in CY14 and 4% in CY15 vs. our prior expectations of -7% and -9% (CY13 fell -15%). We believe the proliferation of LTE handsets outside the U.S. in H2 and into 2015 will be a stabilizing force on pricing."
The firm raised FY15 EPS from $5.81 to $6.15 (St $5.68).
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 $78.31 yesterday.
Misek said, "We assume fewer TD-SCDMA handsets (on which Qualcomm has difficulties collecting royalties) after China Mobile revealed it is targeting 100M TD-SCDMA (Jef prior 155M) and 100M TD-LTE handsets in 2014. We also assume smartphone ASPs decline 4% in CY14 and 4% in CY15 vs. our prior expectations of -7% and -9% (CY13 fell -15%). We believe the proliferation of LTE handsets outside the U.S. in H2 and into 2015 will be a stabilizing force on pricing."
The firm raised FY15 EPS from $5.81 to $6.15 (St $5.68).
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 $78.31 yesterday.
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