Shares Of QUALCOMM Fall Following Tigress Downgrade
In a report published Friday, Tigress Financial analyst Ivan Feinseth downgraded QUALCOMM (NASDAQ: QCOM) from Strong Buy to Buy due to headwinds from a slower-than-expected LTE ramp in China.
Feinseth reported that QUALCOMM remains a solid business as Business Performance Divers remain positive with strong licensing and royalty driving free cash flow. The analyst remarked that the company "dominates the mobile chip market, their Snapdragon processor is the dominant processor in mobile communications. The next generation handsets will provide a boost for QCOM; the recently introduced Samsung Galaxy S5 and soon to be released iPhone 6, have integrated QCOM components."
Despite accelerating profit and an increase in dividend, the firm commented that China's slower-than-expected LTE ramp presents a near to mid-term headwind.
Shares of QUALCOMM closed at $80.43 on Thursday. Following the mid-day note, the stock has seen a gradual descent. Shares are currently down 1.39 percent at $79.31.
Latest Ratings for QCOM
|Nov 2016||Morgan Stanley||Downgrades||Overweight||Equal-Weight|
© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.