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Qualcomm’s Target, Estimates Boosted at Oppenheimer (QCOM)

By Dividend.com,  April 10, 2012, 08:39:15 AM EDT

Wireless chipmaker Qualcomm, Inc. ( QCOM ) on Tuesday caught some positive commentary from analysts at Oppenheimer & Co.

The firm maintained its "Outperform" rating on QCOM and lifted its price target from $70 to $75. That new target suggests a 13% upside to the stock's Monday closing price of $66.50.

Oppenheimer said it expects a successful March quarter for the company, and that "We're also incrementally more comfortable Qualcomm will gain share in 2012-13 due to its favorable vendor mix as the iPhone 5 and new Galaxy phones launch and with increased 4G LTE adoption. We're raising our estimates accordingly and see the potential for upside as normal chipset ASP declines could be muted by accelerating LTE adoption."

Qualcomm shares posted modest gains in premarket trading Tuesday.

The Bottom Line
Shares of Qualcomm ( QCOM ) have a 1.50% dividend yield, based on last night's closing stock price of $66.50. The stock has technical support in the $61-$63 price area. If the shares can firm up, we see overhead resistance around the $70-$71 price levels.

Qualcomm, Inc. ( QCOM ) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars.

Be sure to visit our complete recommended list of the Best Dividend Stocks , as well as a detailed explanation of our ratings system here .




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Stocks

Referenced Stocks: QCOM



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