Market Overview

UPDATE: Citigroup Assumes Coverage on Qualcomm, Upgrades on Riding the LTE Wave Forward

Share:
Related QCOM
Watch These 7 Huge Call Purchases In Wednesday Trade
Can You Guess This Chart?
Income Investors Have Done Well In 2016 (Seeking Alpha)

In a report published Wednesday, Citigroup analyst Ehud Gelblum assumes coverage on Qualcomm (NASDAQ: QCOM), upgraded the rating from Neutral to Buy, and raised the price target from $70.00 to $88.00.

In the report, Citigroup noted, “Assuming coverage of QCOM with a Buy and $88 PT based on a sum-of-parts of its two main businesses equal to a 17x P/E on our CY'14 EPS est. Despite worries over saturation of high end smartphones, we believe the impending LTE launch at China Mobile, where QCOM has no share, should drive QCT volume / margin in H2'FY14 with minimal negative impact to QTL. We believe as complexity of LTE accelerates with new tech in standards, QCOM's R&D and head start puts more distance between itself and comps.”

Qualcomm closed on Tuesday at $73.38.

Latest Ratings for QCOM

DateFirmActionFromTo
Nov 2016Morgan StanleyDowngradesOverweightEqual-Weight
Oct 2016NomuraUpgradesNeutralBuy
Oct 2016NomuraUpgradesNeutralBuy

View More Analyst Ratings for QCOM
View the Latest Analyst Ratings

Posted-In: Citigroup Ehud GelblumAnalyst Color Upgrades Analyst Ratings

 

Related Articles (QCOM)

View Comments and Join the Discussion!