This article was first published on www.analystratings.com
Standpoint analyst Ronnie Moas upgraded Qualcomm Inc (NASDAQ: QCOM) to Buy yesterday and set a price target of $72. The company’s shares closed yesterday at $55.28, close to its 52-week low of $52.59.
Currently, the analyst consensus on Qualcomm Inc is Moderate Buy and the average price target is $78, representing a 41.1% upside. In a report issued on August 13, Canaccord Genuity also maintained a Buy rating on the stock with a $75 price target.
Based on Qualcomm Inc`s latest earnings report from June 30, the company posted quarterly revenue of $5.83B and quarterly net profit of $1.18B. In comparison, last year the company earned revenue of $6.81B and had a net profit of $2.24B.
Financial bloggers on sites such as SeekingAlpha, gurufocus.com and others, seem to have a Positive view on QCOM. When evaluating the opinions of financial bloggers over the last 3 months, 92% of bloggers have indicated a Bullish sentiment, while 8% have indicated a Bearish sentiment. The average blogger Bullish sentiment in the Technology sector is 67% which is less positive than the blogger sentiment of QCOM.
Unlike Standpoint`s latest rating, based on the recent corporate insider activity of 180 insiders, corporate insider sentiment is neutral on the stock. Last month, George S. Davis, a the EVP & Chief Financial Officer of QCOM bought 8,100 shares for a total of $504,954.
According to TipRanks.com, Moas is a top 25 analyst with an average return of 6.6% and a 68.5% success rate. Moas covers the Technology sector, focusing on stocks such as Metropcs Communications, Lexmark International, and Nuance Communications.
Qualcomm Inc develops digital communication technology called CDMA (Code Division Multiple Access), & owns intellectual property applicable to products that implement any version of CDMA including patents, patent applications & trade secrets.