UPDATE: Nomura Reiterates Buy Rating, Raises PT on Qualcomm on Substantial Opportunity with China Mobile

In a report published Thursday, Nomura analyst Romit Shah reiterated a Buy rating on Qualcomm QCOM, and raised the price target from $78.00 to $85.00. In the report, Nomura noted, “We think the upcoming TD-LTE device ramp at China Mobile will improve Qualcomm's share in China and boost its valuation. We believe TD-LTE in China is an important transition for Qualcomm and a deal between China Mobile and Apple seems imminent. Qualcomm should see a meaningful ramp from TD-LTE devices in the next 1-2 years, in our view. We conservatively estimate that roughly 50mn TD devices would translate into incremental revenues (chipset and royalties) of roughly $800mn-1,000mn and incremental EPS of $0.20-0.25.” Qualcomm closed on Wednesday at $73.01.
Market News and Data brought to you by Benzinga APIs
Comments
Loading...
date
ticker
name
Price Target
Upside/Downside
Recommendation
Firm
Posted In: Analyst ColorPrice TargetAnalyst RatingsNomuraRomit Shah
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!