Qualcomm (QCOM): New Buy Recommendation for This Technology Giant

By Carrie Williams

Canaccord Genuity analyst Michael Walkley maintained a Buy rating on Qualcomm (QCOMResearch Report) yesterday and set a price target of $102.00. The company’s shares closed last Wednesday at $80.63.

According to TipRanks.com, Walkley is a top 100 analyst with an average return of 17.6% and a 63.2% success rate. Walkley covers the Technology sector, focusing on stocks such as Telefonaktiebolaget LM Ericsson, Sequans Communications S A, and Synchronoss Technologies.

Currently, the analyst consensus on Qualcomm is a Moderate Buy with an average price target of $86.86, implying an 8.5% upside from current levels. In a report issued on May 6, Mizuho Securities also maintained a Buy rating on the stock with a $91.00 price target.

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Qualcomm’s market cap is currently $87.85B and has a P/E ratio of 23.70. The company has a Price to Book ratio of -17.50.

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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.