Bernstein SocGen Reiterates Market Perform Rating on Qualcomm (QCOM)

Bernstein SocGen Group analyst Stacy Rasgon reiterated a Market Perform rating and $165.00 price target on Qualcomm (NASDAQ: QCOM).

The analyst commented: " Renews Apple licensing agreement, hopefully settled? Or kicked down the road again? This morning Qualcomm announced the renewal of their QTL licensing agreement with AAPL, effective April 1 (when the old agreement was set to expire). The question of “will they or won’t they” around this issue has been a controversy given the two companies were in dispute about it last time, and given the (non-trivial) impact on Qualcomm’s financials (we estimate ~$1.5-$1.7B in revenue at roughly $7.50ish per phone, and ~$1.25-$1.50 in EPS), so the renewal is, for now, welcome. Note that numbers broadly incorporated the royalty sticking around."

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 $194.26 yesterday.

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