Will These Lower EPS Estimates Hurt Qualcomm (QCOM) Stock Today?

Story updated at 10 a.m. to reflect market activity.

NEW YORK (TheStreet) -- BMO Capital Markets lowered its EPS estimates for Qualcomm (QCOM) through 2016 on Friday.

Shares of Qualcomm fell 0.3% to $74.57 in morning trading.

The analyst firm now expects the chipmaker to report earnings of $5.33 a share for full year 2014, down from its previous estimate of $5.34 a share. For 2015 BMO analysts expects Qualcomm to record earnings of $5.50 a share, down from its previous estimates of $5.55 a share.

The lower estimates are due to lower royalty revenues from Apple (AAPL) and Samsung (SSNLF) , according to BMO analysts Tim Long, Alex Spektor, and Ari Klein.

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BMO Capital Markets maintained its "outperform" rating and $86 price target for Qualcomm.

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Separately, TheStreet Ratings team rates QUALCOMM INC as a Buy with a ratings score of A+. TheStreet Ratings Team has this to say about their recommendation:

"We rate QUALCOMM INC (QCOM) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its revenue growth, largely solid financial position with reasonable debt levels by most measures, notable return on equity, growth in earnings per share and increase in net income. Although the company may harbor some minor weaknesses, we feel they are unlikely to have a significant impact on results."

You can view the full analysis from the report here: QCOM Ratings Report

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