Qualcomm-QCOM checks take out worst case scenario, says Citigroup
07:17 a.m. 01/21/2009 Provided By Fly On The Wall
Citigroup's channel checks indicate that Qualcomm (QCOM) shipped "low-60's" million MSM units in Q1, which is in-line with guidance. The firm still sees risk to estimates, but thinks the checks remove the worst case fears. Shares remain Buy rated.
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AmTech announces list of favorite tech names
09:21 a.m. 01/21/2009 Provided By Fly On The Wall
American Technology's list of favorite technology stocks includes eight names: Cypress Semi (CY), Hewlett-Packard (HPQ), Monolithic Power (MPWR), Maxim (MXIM), NetApp (NTAP), Qualcomm (QCOM), Research in Motion (RIMM), and Verisign (VRSN). The firm believes each company enjoys a solid competitive position, balance sheet security, and attractive valuation.
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On The Fly: Analysts Initiation Summary for Wednesday, January 21
09:00 a.m. 01/21/2009 Provided By Fly On The Wall
MOST NOTEWORTHY: Suntech (STP), Google (GOOG) and Micron (MU) were today's noteworthy initiations: Merriman initiated Suntech with a Sell rating. The firm is concerned by the company's debt load and narrowing maturity and thinks further cost reduction in China could be a challenge. The firm believes a fair price target range is $3.50-$4.50 per share. JMP Securities views Google (GOOG) as a long-term "must buy" given its dominant market position, strong balance sheet, and low valuation. Shares were initiated with an Outperform rating and $400 target. Auriga started Micron with a Buy rating and $5 target. The firm expects DRAM oversupply to ease in the second half of 2009 and believes Micron will not burn significant cash this year...OTHER INITIATIONS: Qualcomm (QCOM) was initiated at Morgan Stanley with an Equal Weight rating and $41 target. Core Laboratories (CLB) was initiated with a Buy rating and $80 target at Wunderlich. Mylan (MYL) was started with a Buy rating and $16 target at Citigroup.
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