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Nomura Lowers Price Target On Qualcomm On Lowered FY15 Guidance

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Courtesy of Benzinga.

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In a report published Thursday, Nomura analyst Romit Shah reiterated a Buy rating on Qualcomm, Inc. (NASDAQ: QCOM), but lowered the price target from $85.00 to $75.00.

In the report, Nomura noted, “Qualcomm lowered FY15 guidance due to share loss at Samsung, product mix, and heightened pricing pressure in China. While the outlook is worse than our expectations, the company made progress in China by announcing resolution with a key licensee. We believe that settling the NDRC investigation is an important catalyst for shares. We believe shares remain attractively valued, trading at less than 10x enterprise value to free cash flow, based on an after-market price of $65 per share.”

Qualcomm closed on Wednesday at $70.99.

Latest Ratings for QCOM

Date Firm Action From To
Jan 2015 Macquarie Downgrades Neutral
Nov 2014 Barclays Maintains Overweight
Nov 2014 Bank of America Maintains Neutral

View More Analyst Ratings for QCOM
View the Latest Analyst Ratings

Posted-In: Nomura Romit ShahAnalyst Color Price Target Analyst Ratings

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