FBR Capital Markets Maintains Outperform, $70 PT on QUALCOMM; Looking Toward September Upside
FBR Capital Markets reiterates its Buy rating and $70 price target on QUALCOMM (NASDAQ: QCOM) on upside anticipations for the new iPhone in September.
FBR Capital Markets says, "For calendar 3Q12, recent macro weakness may be driving some smartphone supply chain de-stocking in 2Q12 that could affect royalty device units in 3Q12. While early, calendar 3Q12 sales could be guided slightly disappointingly at $4.6B to $5.0B, or in line at $4.8B to $5.2B (versus the Street's $4.96B), depending on macro trends in the next six weeks. Either way, we see limited sales upside until the month of September when iPhone 5 goodness engages."
QCOM closed at $57.79 on Monday.
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Tags: FBR Capital Markets