Qualcomm "buy," target price raised

20.04.06 - Banc of America

NEW YORK, April 20 (newratings.com) ? Analyst Tim Long of Banc of America Securities maintains his "buy" rating on Qualcomm (QCOM), while raising his estimates for the company. The target price has been raised from $54 to $56.

In a research note published this morning, the analyst mentions that the company has reported robust results for the latest quarter. Qualcomm guided to better-than-anticipated sales of handsets, reflecting progress with CDMA in India and China and 3G WCDMA strength in Europe. The EPS estimates for 2006 and 2007 have been raised from $1.56 to $1.58 and from $1.84 to $1.82, respectively.