Wireless chipmaker Qualcomm, Inc. ( QCOM ) on Wednesday saw its price target and earnings estimates lowered by analysts at Credit Suisse.
The firm maintained its "Outperform" rating on QCOM but lowered its price target from $71 to $65, suggesting a smaller 27% upside to the stock's Tuesday closing price of $51.24.
Credit Suisse also cut its earnings estimates for the company through 2012, citing lower end-market demand.
Qualcomm shares rose 71 cents, or +1.4%, in premarket trading Wednesday.
The Bottom Line
Shares of Qualcomm ( QCOM ) have a 1.68% dividend yield, based on last night's closing stock price of $51.24. The stock has technical support in the $46-$48 price area. If the shares can firm up, we see overhead resistance around the $55 price level.
Qualcomm, Inc. ( QCOM ) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars.
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