According to ThinkEquity’s Mark McKechnie, trends for Qualcomm (NASDAQ:QCOM) look strong even with the overall global economic concerns.
McKechnie wrote in a note to clients, “Despite the economic concerns, our industry checks suggest smart phone demand remains intact and channel inventory appears at the lower end of normal. We believe the burn of Nokia’s (NYSE:NOK) feature phone inventory in Europe will be largely complete by quarter-end setting the industry up for a strong December quarter.”
Also pushing the share price up will be Samsung Electronics (SSNLF), Apple’s (NASDAQ:AAPL) ”iPhone 5,” and from Research in Motion’s (NASDAQ:RIMM) new Blackberry's.
Qualcomm was trading at $51.47, gaining $0.23, or 0.45 percent, as of 12:17 PM EDT.
McKechnie has a price target of $75 and a "Buy" rating on the company.
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