Why Has Pacific Crest Given Qualcomm (NASDAQ:QCOM) a $64 Price Target
Pacific Crest has just issued a “Overweight” rating for Qualcomm (NASDAQ:QCOM) shares. The firm began coverage on shares of QCOM in a very recent research note sent to investors and clients on 4 December. This PT suggests upside of 24.51% from the last stock close price of Qualcomm (NASDAQ:QCOM).
From a total of 30 analysts covering Qualcomm Inc. (NASDAQ:QCOM) stock, 21 rate it a ”Buy”, 1 a “Sell”, and 15 a ”Hold”. This means that 57% of the ratings are positive. The highest target price is $78.5 while the lowest target price is $50. The mean of all analyst targets is $63.82 with a 24.67% above today’s ($51.85) stock price. Qualcomm Inc. was the topic of 31 analyst reports since July 23, 2015 according to the firm StockzIntelligence Inc. RBC Capital Markets maintained shares on November 23 with “Outperform” rating. Topeka Capital Markets maintained shares with “Hold” rating and $61 target share price in a report from a November 5. Nomura downgraded QCOM stock in a recent report from November 9 to “Neutral” rating. Mizuho maintained the rating on November 5. Mizuho has a “Neutral” rating and a $64 price target on shares. Finally, Northland Capital maintained the stock with “Market Perform” rating in a report issued on a November 5.
Approximately 1,100 shares of stock traded hands. QUALCOMM, Inc. (NASDAQ:QCOM) has declined 24.88% since May 1, 2015 and is downtrending. It has underperformed by 22.09% the S&P500.
Qualcomm Incorporated is engaged in providing third-generation (3G), fourth-generation (4G) and next-generation wireless technologies. The company has a market cap of $77.26 billion. The Company’s products include 2net, AllPlay, Brew, Gobi, Halo, HealthyCircles, Hy-Fi, IPQ, IZat, Pixtronix, Powerline, QChat, QLearn, Small Cells, Snapdragon, Vive, RaptorQ, Vuforia and WiPower. It has 16.05 P/E ratio. AllPlay helps manufacturers create devices and services.
According to Zacks Investment Research, “QUALCOMM Inc. develops and delivers innovative digital wireless communications products and services based on the company’s CDMA digital technology. The company’s business areas include CDMA integrated circuits and system software; technology licensing; the Binary Runtime Environment for Wireless applications development platform; Eudora e-mail software; digital cinema systems; and satellite-based systems including portions of the Globalstar system and wireless fleet management systems, OmniTRACS and OmniExpress. (Company Press Release)” Get a free copy of the Zacks research report on QUALCOMM, Inc. (QCOM).