New York, July 20 (FinanceEnquiry.com) – Analyst James Moorman at S&P CAPITAL IQ maintains STRONG BUY ratings on the shares of Qualcomm (NASDAQ: QCOM). The 12-month target price has been reduced from $81 to $78.
In a research note published yesterday, the analyst states that the FY12 EPS estimates has been reduced from $3.25 to $3.00 and for FY13 from $3.88 to $3.71. QCOM posted June Q EPS of $0.69 against $0.61, less than bank’s estimate by $0.05 as chipset shipments stood less than bank’s estimates.
The company has provided a September Q estimate for GAAP EPS of $0.62-$$0.66, less than Capital IQ consensus by $0.12 at $0.76. However, it has been believed that QCOM is very bullish on demand for December Q and expects to resolve the supply issue of 28 million. It has been believed that shares seems attractive at the current levels, the analyst says.
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