Rosenblatt Securities Downgrades Qualcomm Inc to Hold

By George MacDonald

In a report released today, Jun Zhang from Rosenblatt Securities downgraded Qualcomm Inc (NASDAQ: QCOM) to Hold, with a price target of $57. The company’s shares opened today at $51.30.

Currently, the analyst consensus on Qualcomm Inc is Moderate Buy and the average price target is $57.83, representing a 12.7% upside. In a report released today, Mizuho Securities also reiterated a Hold rating on the stock with a $50 price target.

The company has a one year high of $68.90 and a one year low of $41.85. Currently, Qualcomm Inc has an average volume of 11.59M.

Unlike Rosenblatt Securities` latest rating, based on the recent corporate insider activity of 106 insiders, corporate insider sentiment is negative on the stock. Last month, Donald Cruickshank, a a Director at QCOM sold 18,000 shares for a total of $922,680.

According to TipRanks.com, Zhang is a 1-star analyst with an average return of -5.9% and a 50.0% success rate. Zhang covers the Technology sector, focusing on stocks such as Chinacache International, Sky-Mobi Limited, and Synaptics Inc.

QUALCOMM, Inc. engages in the development, design, manufacture, and marketing of digital telecommunications products and services. It operates through three segments: Qualcomm CDMA Technologies, Qualcomm Technology Licensing, and Qualcomm Strategic Initiatives. The Qualcomm CDMA Technologies 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 Qualcomm Technology Licensing segment provides rights to use portions of the firm’s intellectual property portfolio. The Qualcomm Strategic Initiatives segment invests in the technology, design, and introduction of products and services for voice and data communications. The company was founded by Franklin Antonio, Adelia Coffman, Andrew Cohen, Klein Gilhousen, Irwin Mark Jacobs, Andrew Viterbi, and Harvey White in July 1985 and is headquartered in San Diego, CA.