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UPDATE: Goldman Sachs Downgrades QUALCOMM to Buy, Reiterates $80 PT on Multiple Factors

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In a report published Wednesday, Goldman Sachs downgraded its rating on QUALCOMM (NASDAQ: QCOM) from Conviction List-Buy to Buy, and reiterated its $80.00 price target.

Goldman Sachs noted, “We are removing Qualcomm from the Americas Conviction List, as (1) we see chipset market share peaking in 2013 as competitors launch LTE chipsets into 2014; (2) we see device ASPs in the royalty business also peaking in 2013 as smartphones shift to emerging markets; (3) 3G/4G attach in tablets/notebooks is trailing expectations; and (4) Verizon is pushing for LTE-only (no CDMA) devices in 2014, which is a modest risk to estimates but a more meaningful risk to the multiple. Since being added to the CL on 7/12/10, Qualcomm shares are up 100% vs. the S&P 500 up 43%.”

QUALCOMM closed on Tuesday at $67.97.

Latest Ratings for QCOM

DateFirmActionFromTo
Jun 2016Brean CapitalDowngradesBuyHold
May 2016CLSAInitiates Coverage onOutperform
Mar 2016BarclaysDowngradesOverweightEqual-weight

View More Analyst Ratings for QCOM
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Posted-In: Goldman SachsAnalyst Color Downgrades Analyst Ratings

 

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