Tigress Financial Downgrades QUALCOMM to Buy (QCOM)
The analysts wrote, “dominates the mobile chip market, their Snapdragon processor is the dominant processor in mobile communications. The next generation handsets will provide a boost for QCOM; the recently introduced Samsung Galaxy S5 and soon to be released iPhone 6, have integrated QCOM components.”
Several other analysts have also recently commented on the stock. Analysts at Goldman Sachs downgraded shares of QUALCOMM from a “conviction-buy” rating to a “buy” rating in a research note on Friday. Separately, analysts at Morgan Stanley initiated coverage on shares of QUALCOMM in a research note on Wednesday, June 18th. They set an “equal weight” rating on the stock. Finally, analysts at RBC Capital raised their price target on shares of QUALCOMM from $85.00 to $90.00 in a research note on Monday, June 16th. They now have an “outperform” rating on the stock. Nine analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has issued a strong buy rating to the stock. QUALCOMM currently has a consensus rating of “Buy” and an average price target of $80.13.
QUALCOMM (NASDAQ:QCOM) traded down 1.33% during mid-day trading on Friday, hitting $79.36. The stock had a trading volume of 6,270,846 shares. QUALCOMM has a 52-week low of $60.82 and a 52-week high of $81.66. The stock’s 50-day moving average is $79.75 and its 200-day moving average is $77.42. The company has a market cap of $133.9 billion and a P/E ratio of 20.18.
QUALCOMM (NASDAQ:QCOM) last posted its quarterly earnings results on Wednesday, April 23rd. The company reported $1.31 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.22 by $0.09. The company had revenue of $6.37 billion for the quarter, compared to the consensus estimate of $6.48 billion. During the same quarter in the previous year, the company posted $1.17 earnings per share. The company’s revenue for the quarter was up 4.0% on a year-over-year basis. On average, analysts predict that QUALCOMM will post $5.17 earnings per share for the current fiscal year.
In other QUALCOMM news, EVP Matthew S. Grob sold 2,000 shares of the stock in a transaction dated Monday, July 7th. The shares were sold at an average price of $80.67, for a total value of $161,340.00. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link.
QUALCOMM Incorporated (NASDAQ:QCOM) is engaged in designing and manufacturing of digital communications products and services based on code division multiple access (CDMA), Orthogonal Frequency Division Multiplexing (OFDMA) and other technologies.
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