Cascend Securities Believes Qualcomm (NASDAQ: QCOM) Won’t Stop Here

By Austin Angelo

Cascend Securities analyst Cascend maintained a Buy rating on Qualcomm (QCOMResearch Report) yesterday and set a price target of $165.00. The company’s shares closed last Thursday at $145.41, close to its 52-week high of $148.80.

Currently, the analyst consensus on Qualcomm is a Moderate Buy with an average price target of $153.30, implying a 5.1% upside from current levels. In a report issued on November 2, Charter Equity also maintained a Buy rating on the stock.

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Qualcomm’s market cap is currently $164.1B and has a P/E ratio of 52.90. The company has a Price to Book ratio of -29.85.

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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.