Market Overview

UPDATE: Morgan Stanley Initiates Coverage On QUALCOMM

Share:
Related QCOM
Potential Intel Deal Boosts Chip ETFs
Short Interest In Semiconductor Stocks Soars
Qualcomm Now a Buy on Portfolio Strength, Raised Guidance - Analyst Blog (Zacks)

In a note released Wednesday morning, Morgan Stanley analyst James Faucette initiated coverage on QUALCOMM (NASDAQ: QCOM) with an Equal-weight rating, however, he has not yet set a price target.

The Good
Faucette views the transition of mobile carriers, such as China Mobile, 3G and 4G presents an opportunity for Qualcomm to continue to gain share in the global chipset market.

In addition to opportunities in the chipset market, Faucette says the company's intention to reduce its operating expenses at the exit of fiscal 2014 to levels below that of fiscal 2013.

The Bad
Faucette sees the fair value for Qualcomm's share in the $70-80 range and believes the market has been able to adequately reflect the companies opportunities.

Looking forward he wrote, "We believe that the 3% perpetual growth rate the market has implied post FY 2016 is reasonable, but potentially optimistic."

Latest Ratings for QCOM

DateFirmActionFromTo
Mar 2015Canaccord GenuityMaintainsBuy
Mar 2015NomuraMaintainsBuy
Jan 2015Stifel NicolausMaintainsBuy

View More Analyst Ratings for QCOM
View the Latest Analyst Ratings

Posted-In: James Faucette Morgan StanleyAnalyst Color News Price Target Initiation Analyst Ratings

 

Related Articles (QCOM)

Around the Web, We're Loving...