Raymond James Maintains Their Buy Rating on Qualcomm Inc (QCOM)

By Carrie Williams

Raymond James analyst Chris Caso maintained a Buy rating on Qualcomm Inc (QCOMResearch Report) today and set a price target of $85. The company’s shares closed yesterday at $70.45.

According to TipRanks.com, Caso is a 3-star analyst with an average return of 3.6% and a 47.2% success rate. Caso covers the Consumer Goods sector, focusing on stocks such as Skyworks Solutions, Monolithic Power, and Microchip.

Currently, the analyst consensus on Qualcomm Inc is a Moderate Buy with an average price target of $76.93, a 9.2% upside from current levels. In a report issued on April 4, Argus Research also maintained a Buy rating on the stock with a $85 price target.

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Based on Qualcomm Inc’s latest earnings release for the quarter ending December 31, the company reported a quarterly revenue of $4.84 billion and net profit of $1.07 billion. In comparison, last year the company earned revenue of $5.26 billion and had a net profit of $363 million.

Based on the recent corporate insider activity of 71 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of QCOM in relation to earlier this year.

TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.

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).