Qualcomm (QCOM - Get Report) was recently upgraded to outperform from market perform at Morgan Keegan, with a $61 price target, based on the company's solid quarter and expectations of continued smartphone demand.
As of the most-recent reporting period, Qualcomm comprises 0.5% of George Soros' portfolio and 2.9% of Private Capital Management. Soros increased his number of Qualcomm shares by 190.9% during the period.Stock Overview: Qualcomm designs manufacture and markets digital wireless telecommunications products and services based on its CDMA technology and other technologies. It has traded in a 52-week range of $31.63to $55 and was recently at $53.91. It has a market cap of $88.3 billion and a 2.1 short interest ratio, it yields 1.4%, and it trades at a P/E of 24.8. Analyst Ratings: Of 34 analysts covering the stock, 29 rate it a buy, four rate it a hold, and one rates it a sell. TheStreet Ratings has a B buy rating on Qualcomm, earning it a spot on the list of top-4ated communications equipment stocks. Earnings Estimates: Qualcomm recently reported expectations-beating adjustedearnings of 82 cents a share, a 32% increase from the year-ago quarter and above expectations for 10 cents a share. Sales were also up, to $3.35 billion from $2.67 billion a year ago. More on Qualcomm: Qualcomm is one of Goldman's eight top tech stocks for 2011, and it showed up on a recent list of 20 stocks with large insider selling.