QUALCOMM Inc. (QCOM) Maintains Buy Rating

Analysts at Broadpoint Amtech have maintained their Buy rating for QUALCOMM Inc. (NASDAQ: QCOM) with a price target of $55.

QUALCOMM Inc. reported EPS of $0.62 for the quarter ended December ahead of analysts’ estimates of $0.56. The company registered sales of $2.69 billion for the quarter which was in line with the consensus. The company provided EPS guidance for the March quarter of $0.49-$0.53. The EPS guidance is below the consensus estimate of $0.57 and analysts’ estimates of $0.56.

QUALCOMM attributes this to a lower mix of 3G phones which will have an impact on royalty and chip ASPs. Analysts have maintained their EPS estimate of $2.20 for FY2010 and initiated a forecast for FY2011 EPS at $2.45.