QUALCOMM (QCOM) received a “buy” reiteration today from securities research analysts at investment firm Canaccord Genuity. Canaccord also raised their performance outlook for QUALCOMM and slightly adjusted their price target from $70 to $72 dollars. Canaccord noted that devices featuring 3G and 4G-LTE standards using their products are in strong demand. They also believe that QUALCOMM will make headway into increased market market.
Canaccord’s target increase surely did not hinder the performance of QCOM on the market today. Shares broke to the upside through the 50-day moving average and closed well above it at the $56.79 price level by the time trading ended. Trading for QCOM has been solid compared to a lot of companies in 2011 which have proceeded to reach intermediate lows. QCOM is one stock that has not traded beneath where it entered 2011.
QUALCOMM is slated to release their next earnings report on July 20th, 2011, and is estimated to post EPS of 70 cents. Their last earnings report was released on April 20th, 2011, and announced EPS of 86 cents with revenue totaling $3.875 billion which was up 45.5% year to year. QCOM is currently trading above (as of today) its 50 & 200-day moving averages and 2011 is currently an up year for the company.
Qualcomm is the world’s largest fabless semiconductor producer and the largest provider of wireless chipset and software technology, which powers the majority of all 3G devices commercially available today. The company has market capitalization of $94,812,722,280 and 1,669,532,000 shares outstanding. QCOM has a 52-week high of $59.84 with the low being $31.63 dollars.