Mizuho Securities Raises Price Target on Qualcomm (QCOM) Following an In-Line 2Q Report
Mizuho Securities reiterated a Neutral rating on Qualcomm (NASDAQ: QCOM), and raised the price target to $50.00 (from $49.00), following the company's 2Q earnings report. QCOM reported in-line results with revenues of $5.5B vs consensus of $5.3B. EPS was reported at $1.04 compared to $0.97 consensus estimates. Management's guidance for the JunQ was in-line at $5.6B/$0.95.
Analyst Vijay Rakesh commented, "QCOM reported an in-line MarQ and guided to a better JunQ mostly with a one-time LG catch-up license payment. JunQ MSM shipments were guided down q/q and down ~18% y/y despite new Samsung wins (which could point to competitive pressures.) QCOM also noted the potential for second sourcing on high-end phones; we believe this is a clear sign of INTC getting wins on the iPhone 7. The weaker MSM chip shipments could concern investors given the 4G slowdown y/y and market share losses. Maintaining Neutral; adjusting estimates, and PT to $50."
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Shares of Qualcomm closed at $52.09 yesterday.