QUALCOMM Share Plummet Following Q4 Earnings Report; Credit Suisse Comments

In a note released early Thursday morning, Credit Suisse analyst, Kulbinder Garcha reviewed QUALCOMM Incorporated's

earnings report. Garcha began the note by highlighting Qualcomm's earnings miss and by suggesting the company's guidance is "clouded" by China. Garcha commented, "We believe given the company's inherent IP strength, QTL will ultimately prevail. However, as the timing remains uncertain, we have removed them from FY15/FY16." Looking to 2015 and '16, Garcha is predicting an EPS of $5.23 and $5.60, respectively. "We believe valuing Qualcomm on 12x EPS, which excludes China adding back net cash, suggests at $70 Qualcomm offers value." Credit Suisse currently rates QUALCOMM at Outperform with an $85 price target.