Nomura Securities Maintains a 'Neutral' on Qualcomm (QCOM); Q2 Earnings Preview

Nomura Securities maintains a 'Neutral' on Qualcomm (NASDAQ: QCOM).

Nomura analyst, Romit Shah, said, "Preview ahead of 2Q earnings on 4/20. We expect Qualcomm to report a strong quarter next week, driven by growing 3G adoption, share gains in wireless and Apple. We believe that our 2Q revenue and EPS estimates of $3.59bn and $0.78, respectively (vs consensus of $3.61 and $0.80) are conservative, given strong MSM shipments (we expect high end of guidance of 113-117mn). While Qualcomm is clearly well positioned, we foresee pockets of inventory in handsets, lower ASPs and weak tablet sales pressuring the stock during the next six months."

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

Shares of Qualcomm closed at $52.60 yesterday.

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