UPDATE: Deutsche Bank Reduces PT to $70 on QUALCOMM Post Earnings Call

Deutsche Bank reiterated its Buy rating on QUALCOMM

but lowered its price target from $75 yo $70. Deutsche Bank commented, "Qualcomm reported Q3 revenues of $4.6b, slightly below our estimate and consensus of $4.7b. Pro-forma EPS of $0.85 was also below our estimate of $0.88 and consensus of $0.86. Management now expects the calendar year to be more back-end loaded than previously thought, as 28nm supply increases and more devices are launched in time for the holiday season." QUALCOMM closed at $56.05 on Wednesday.