Oppenheimer Maintains Outperform, $65 PT on QUALCOMM

Oppenheimer reiterates its Outperform rating and $65 price target on QUALCOMM (NASDAQ: QCOM) to reflect a balanced quarter and outlook.

Oppenheimer says, "We expect an in-line quarter from Qualcomm with a balance of positives and negatives netting out. Positives include good exposure to the North American market, more smartphone expansion especially for Apple's iPhone and Android, some regained share at Samsung, and likely good realized financial gains. Negatives include weakness in Europe and parts of Asia, FX trends unfavorable for ASP, weakness at HTC and notebook/WiFi weakness (Atheros impact). We expect guidance to reflect a wide range given MSM shipment seasonality and a mixed macro economy."

QCOM closed at $55.91 per share on Monday.