Deutsche Bank reiterated its Buy rating on QUALCOMM QCOM but lowered its price target from $75 yo $70.
Deutsche Bank commented, "Qualcomm reported Q3 revenues of $4.6b, slightly below our estimate and consensus of $4.7b. Pro-forma EPS of $0.85 was also below our estimate of $0.88 and consensus of $0.86. Management now expects the calendar year to be more back-end loaded than previously thought, as 28nm supply increases and more devices are launched in time for the holiday season."
QUALCOMM closed at $56.05 on Wednesday.
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