Qualcomm "overweight," target price raised - update

27.01.06 - Prudential Financial

NEW YORK, January 27 (newratings.com) - Analyst Inder M Singh of Prudential Financial reiterates his "overweight" rating on Qualcomm Inc (QCOM). The target price has been raised from $55 to $57.

In a research note published yesterday, the analyst mentions that the company has reported its FQ1 proforma EPS in-line with the estimates and ahead of the consensus. Qualcomm said that it gained market share during the quarter, with its WCDMA chipset unit sales growing 48% q/q. Qualcomm's robust sales growth would drive the company's earnings momentum during F2H06, the analyst believes.