Credit Suisse Lifts Price Target and Estimates on Qualcomm (QCOM)

Credit Suisse raised estimates and its price target on Outperform-rated Qualcomm (NASDAQ: QCOM) following strong results after the close.

The firm raised PF EPS estimates for FY11/FY12 by 5%/3% to $3.21/$3.41 and raised their price target to $70 from $65.

"Upside to FY11 guidance is being driven by the F2Q beat as well as expectation for continued strength in the core QTL/QCT segments, with no material impact expected from Japan. We are raising our FY11/FY12 EPS estimates to $3.21/$3.41 from $3.07/$3.32 respectively. Given expectations for continued earnings momentum, we maintain our Outperform rating."

For more ratings news on Qualcomm click here and for the rating history of Qualcomm click here.

Shares of Qualcomm closed at $55.27 yesterday.

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