In a report published Thursday, Raymond James analyst Tavis C. McCourt downgraded the rating on QUALCOMM QCOM from Strong Buy to Outperform, but reiterated the $79.00 price target.
In the report, Raymond James noted, “We are lowering our rating to Outperform from Strong Buy on shares of QCOM and maintaining our $79 price target following the company's Analyst Day. Importantly, Qualcomm committed to a long term capital return program, and new product announcements confirm the company's dominance of high end mobile chipsets, and although we are slightly skeptical of Qualcomm's ability to grow 10%+ for five years (a long time) as it guided to, we do believe that high-single-digit EPS growth looks like a conservatively prudent estimate along with a 2%+ dividend yield.”
QUALCOMM closed on Wednesday at $71.03.
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