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UPDATE: Jefferies Initiates Coverage on QUALCOMM Ahead of Anticipated Multiple Expansion

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In a report published Tuesday, Jefferies analyst Peter Misek initiated coverage on QUALCOMM (NASDAQ: QCOM) with a Buy rating and $80.00 price target.

In the report, Jefferies noted, “Our analysis indicates that QCOM's QTL licensing business will be above St in CY14 due to the TD-SCDMA to TD-LTE transition combined with the last 5% of QCOM's QTL revs shifting to smartphones. Also, we expect QCOM's QTL chip business to win the WLAN socket in the iPhone 6 or 6s from Broadcom. While the main financial boost is in FY15 and FY16, we expect this news to catalyze multiple expansion, breaking a multi-year downward P/E trend.”

QUALCOMM closed on Monday at $67.62.

Latest Ratings for QCOM

DateFirmActionFromTo
Jan 2019Evercore ISI GroupReinstatesIn-LineIn-Line
Nov 2018Morgan StanleyUpgradesUnderweightEqual-Weight
Nov 2018UBSMaintainsNeutralNeutral

View More Analyst Ratings for QCOM
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Posted-In: Jefferies Peter MisekAnalyst Color Initiation Analyst Ratings

 

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