Deutsche Bank (DB) lifted its price target on Qualcomm Inc. (NASDAQ: QCOM) to $72 from $70, while reiterating a "Buy" rating on the stock, following the chip maker's solid results and raised forecast.
The bank wrote that Qualcomm is well positioned to benefit from underlying demand trends in wireless technologies.
company reported first-quarter revenue of $4.7 billion, beating DB
estimate and consensus of $4.6 billion. Pro-forma EPS of $0.97 also beat
DB estimate of $0.92 and consensus of $0.90.
raised full-year guidance stating that growth is being driven by
continued smartphone growth and the adoption of 3G and 4G technologies.
The stock, which has been trading between $45.98 and $61.95 over the past year, rose 2.4% to $61.01 on Thursday.