QUALCOMM (QCOM) received a “buy” reiteration today from securities research analysts at investment firm Sterne Agee. Agee also increased their performance outlook for QUALECOMM by adjusting their price target from $62 to $65 dollars. Agee notes that the company should benefit from increased sales in China while pointing out WCDMA phones such as the ZTE Blade which is powered by QUALCOMM.
QCOM has increasingly done well over the past few weeks on the market after rebounding from an intraday low of $52.13 on June 20th, 2011. During that period of time, QCOM had difficulty attempting to surpass resistance of the $55 dollar price mark, which it eventually did later on June 28th, 2011. Bullish momentum has been on QCOM’s side since to date, however, shares still need to set a new intermediate high and will not do so until beyond the $58.95 price level which is nearby.
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 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 $97,066,590,480 and 1,669,532,000 shares outstanding. QCOM has a 52-week high of $59.84 with the low being $31.65 dollars.