Cascend Securities Believes Qualcomm (NASDAQ: QCOM) Still Has Room to Grow

By Ryan Adsit

In a report released yesterday, Cascend from Cascend Securities maintained a Buy rating on Qualcomm (QCOMResearch Report), with a price target of $145.00. The company’s shares closed last Tuesday at $127.46, close to its 52-week high of $128.18.

Qualcomm has an analyst consensus of Moderate Buy, with a price target consensus of $128.33, which is a 0.7% upside from current levels. In a report issued on September 28, Citigroup also maintained a Buy rating on the stock with a $132.00 price target.

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The company has a one-year high of $128.18 and a one-year low of $58.00. Currently, Qualcomm has an average volume of 8.98M.

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QUALCOMM, Inc. engages in the development, design, and provision of digital telecommunications products and services. It operates through the following segments: Qualcomm CDMA Technologies (QCT), Qualcomm Technology Licensing (QTL), and Qualcomm Strategic Initiatives (QSI). The QCT segment develops and supplies integrated circuits and system software based on technologies for the use in voice and data communications, networking, application processing, multimedia, and global positioning system products. The QTL segment grants licenses and provides rights to use portions of the firm’s intellectual property portfolio. The QSI segment focuses on opening new or expanding opportunities for its technologies and supporting the design and introduction of new products and services for voice and data communications. The company was founded by Franklin P. Antonio, Adelia A. Coffman, Andrew Cohen, Klein Gilhousen, Irwin Mark Jacobs, Andrew J. Viterbi, and Harvey P. White in July 1985 and is headquartered in San Diego, CA.