Qualcomm (QCOM) Bullish View Maintained at Cowen Following Realignment; PT Trimmed to $72
Cowen analyst Timothy Arcuri trimmed his price target on Qualcomm (NASDAQ: QCOM) to $72.00 (from $75.00) following Q2 results and the company's realignment but maintained a Outperform rating.
Arcuri commented, "We stayed at Outperform through some rough patches and now QCOM is finally getting religion on cost cutting. At face value the plan makes Street out year #s look very conservative once costs are eliminated. We are fundamentally mixed on a breakup/spin (QCT would likely suffer), but it could facilitate the INTC/QCT merger we think is the chip deal to end all chip deals."
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Shares of Qualcomm closed at $64.19 yesterday.