by Sam Collins | December 30, 2013 7:08 am
Qualcomm (QCOM) — This stock was included on my list of Top Stocks to Buy for October, when it was trading below $69. It was also reviewed on Nov. 15 near $71 and on Dec. 10 near $73.
The company is a leader in developing products and services based on its advanced wireless broadband technology. It expects solid chipset sales throughout the coming year, and it is believed its Snapdragon chipset will provide an advantage in the wireless area over competitors. It has a strong royalty base in markets like China, which are converting from 2G to 3G.
The consensus earnings estimate for fiscal 2014, ending in September, is $5.03 per share, and analysts expect $5.60 in fiscal 2015. S&P reiterated its “five-star strong buy” rating on the stock, raising its 12-month price target to $90 from $85.
QCOM broke from a cup-and-handle formation early in November to a new high. From mid-November through December, it consolidated in a bullish “V” formation with a high at $74.19. A break above that high should add another leg to its advance.
Buy QCOM at the current price with a trading objective of $80. Longer-term investors may want to hold it with an objective north of $100. QCOM is one of my “Top Buys for 2014,” and I’ll be posting others in the near future.
Source URL: http://investorplace.com/2013/12/trade-day-qualcomm-qcom-4/
Short URL: http://invstplc.com/1nskEVf
Copyright ©2016 InvestorPlace Media, LLC. All rights reserved. 700 Indian Springs Drive, Lancaster, PA 17601.