Stocks Hitting 52-Week Highs: Qualcomm
NEW YORK (
) - Shares of digital communications company
Qualcomm
hit a 52-week high Thursday after the company reported fiscal first-quarter earnings Wednesday that beat analysts' estimates.
Revenue increased 40% to $4.68 billion,
topping the average analysts' estimate of $4.58 billion
. Net income was 30% higher than the previous year at $1.40 billion, or 81 cents a share.
"Management raised full-year guidance stating that growth is being drivenby continued smartphone growth and the adoption of 3G and 4G technologies," Deutsche Bank wrote in a report Thursday. "We continue to believe that Qualcomm is well positioned to benefit from underlying demand trends in wireless technologies."
Deutsche Bank has a buy rating on the stock and $72 price target. Thirty-six of the 42 analysts who cover the company rated the stock a buy; seven considered it a hold.
Shares of Qualcomm hit a 52-week high Thursday of $61.95. The stock's 52-week low of $45.98 was set on Aug. 22. Just prior to the closing bell, the shares were changing hands at $60.83, up 2.1%, on volume of 32.4 million, more than twice the issue's three-month trailing average of around 14 million.
Qualcomm's estimated price-to-earnings ratio for next year is 14.77. The average among semiconductor companies is 15.96. In this area of the market,
Intel
(INTC) - Get Report
,
Applied Materials
(AMAT) - Get Report
each had lower forward P/E ratios at 10 and 10.72 respectively.
TheStreet Ratings
gives Qualcomm an A+ grade and
price target. The stock has risen 11.49% year to date.
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Written by Alexandra Zendrian in New York
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