UPDATE: Societe Generale Upgrades QUALCOMM to Hold As Shares Price In Uncertainties

Societe Generale raised its rating on QUALCOMM

from Sell to Hold but maintained its price target at $57. Societe Generale noted, "The FY13 P/E premium vs peers has fallen to just 12% vs 24% in Oct-11. Some premium is justified by the licensing business, and the shares now largely discount growth slowing from H1 12 sales +33% to SGe +26% in H2 12 and consensus +11% in FY13, as acquisition benefits end, competition grows and markets slow. Our DCF model price target is unchanged at $57 and assumes a 9.0% WACC, just 4% per annum 2015-22 growth and 35% EBITDA margins forecasts, despite increasing licensing sales, indicating market pressures are now largely priced in. Hence we upgrade to Hold from Sell." QUALCOMM closed at $54.98 on Friday.