Bank of America Maintains Buy, $65 PT on QUALCOMM

Bank of America reiterates its Buy rating and $65 target price on QUALCOMM

as it expects the company to post an in-line quarter. Bank of America says, "We believe 1Q finished slightly above our forecast and expect an in-line March guidance. We expect March revenues to reflect a 10% decline in QCT sales, offset by seasonally high royalties. Near term, we see the potential for some stock turbulence, driven by likely pressure on QCT margins in 2Q." QCOM closed at $58.99 a share on Wednesday.