UPDATE: Raymond James Downgrades QUALCOMM to Outperform, Reiterates $79 PT Following Company Analyst Day

In a report published Thursday, Raymond James analyst Tavis C. McCourt downgraded the rating on

from Strong Buy to Outperform, but reiterated the $79.00 price target. In the report, Raymond James noted, “We are lowering our rating to Outperform from Strong Buy on shares of QCOM and maintaining our $79 price target following the company's Analyst Day. Importantly, Qualcomm committed to a long term capital return program, and new product announcements confirm the company's dominance of high end mobile chipsets, and although we are slightly skeptical of Qualcomm's ability to grow 10%+ for five years (a long time) as it guided to, we do believe that high-single-digit EPS growth looks like a conservatively prudent estimate along with a 2%+ dividend yield.” QUALCOMM closed on Wednesday at $71.03.