BMO Capital Upgrades Qualcomm (QCOM) to Market Perform

BMO Capital upgraded Qualcomm (NASDAQ: QCOM) from Underperform to Market Perform with a price target of $70.00 (from $53.00).

Analyst Tim Long commented, "Qualcomm announced its intention to acquire NXP Semiconductors for $110 in an all-cash deal valued at $47 billion. We are neutral on the deal but raise our rating on QCOM shares from Underperform to Market Perform as we believe the stock will stay in a trading range despite challenging fundamentals in Qualcomm's core business. We increase our price target from $53 to $70, using an EV/FCF of 16x for the combined company, in line with the peer group of mega-cap semiconductor stocks."

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 $70.09 yesterday.

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