Brean Murray Carret & Co. Starts Qualcomm (QCOM) at Buy, Room to Run
Get Alerts QCOM Hot Sheet
Price: $163.63 --0%
Rating Summary:
29 Buy, 21 Hold, 4 Sell
Rating Trend: Down
Today's Overall Ratings:
Up: 10 | Down: 10 | New: 5
Rating Summary:
29 Buy, 21 Hold, 4 Sell
Rating Trend: Down
Today's Overall Ratings:
Up: 10 | Down: 10 | New: 5
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Brean Murray Carret & Co. initiates coverage on Qualcomm (NASDAQ: QCOM) with a Buy. PT $73.00.
The firm comments, "With higher-ASP smartphones taking share from feature phones and lower-end smartphones, tablets on the rise (incremental to QCOM especially for mobile access to the cloud), Snapdragon reaccelerating after the end of the 28nm shortages ending, 3G increasing in emerging markets, and Apple 'setting the bar' at 4G LTE (higher content), we think the stock can continue on its protracted run. Based on our current outlook, we believe QCOM shares could trade up to a fair value of $73, which would put it at 16.7x our current earnings estimate for 2013 — in line with its 2-year average multiple."
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 $63.49 yesterday.
The firm comments, "With higher-ASP smartphones taking share from feature phones and lower-end smartphones, tablets on the rise (incremental to QCOM especially for mobile access to the cloud), Snapdragon reaccelerating after the end of the 28nm shortages ending, 3G increasing in emerging markets, and Apple 'setting the bar' at 4G LTE (higher content), we think the stock can continue on its protracted run. Based on our current outlook, we believe QCOM shares could trade up to a fair value of $73, which would put it at 16.7x our current earnings estimate for 2013 — in line with its 2-year average multiple."
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 $63.49 yesterday.
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