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AAPL

Apple

$203.14

4.14 (2.08%)

, QCOM

Qualcomm

$79.09

4.84 (6.52%)

07:50
04/18/19
04/18
07:50
04/18/19
07:50

Apple to benefit from Qualcomm litigation settlement, says Argus

Argus analyst Jim Kelleher kept his Buy rating and $225 price target on Apple (AAPL), saying the company's "comprehensive legal settlement and new supply agreement with Qualcomm (QCOM)" should benefit the shares. The analyst notes that the decision to settle was driven by the realization that Apple may miss out on the 5G phone cycle upgrade, and the announcement by Intel (INTC) within hours of the settlement highlighted that the Street was more optimistic about its development of a viable 5G chip. Kelleher adds that the cost burden for Qualcomm chip and licensing is not "too severe", which he estimates to be below $25 on devices that may retail for over $1.1K. The analyst also notes that Apple stock remains "attractive compared to its historical valuations and to peer average multiples."

AAPL

Apple

$203.14

4.14 (2.08%)

QCOM

Qualcomm

$79.09

4.84 (6.52%)

INTC

Intel

$58.57

2.17 (3.85%)

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AAPL Apple
$203.14

4.14 (2.08%)

04/17/19
04/17/19
UPGRADE
Target $90

Outperform
Qualcomm upgraded to Outperform following Apple settlement at Evercore ISI
As previously reported, Evercore ISI upgraded Qualcomm (QCOM) to Outperform from In Line and raised its price target to $90 from $60 following the settlement with Apple (AAPL). Analyst C.J. Muse expects Qualcomm's earnings power to move "considerably higher" with incremental earnings of $2 from Apple and sees normalized earnings of $6.50-$7 into FY21 when including Huawei payments and buybacks. Muse said shares are "finally invertible again" now that the litigation is over combined with a clear path for the 5G ramp.
04/17/19
WELS
04/17/19
NO CHANGE
WELS
Market Perform
Intel exiting 5G smartphone modem business 'a positive,' says Wells Fargo
Wells Fargo analyst Aaron Rakers says that following the Apple (AAPL)-Qualcomm (QCOM) settlement announcement, Intel (INTC) announced its intention to exit the 5G smartphone modem business. The analyst views this as a positive for Intel. Rakers reiterates a Market Perform rating on Intel's shares.
04/17/19
OTRG
04/17/19
NO CHANGE
OTRG
Apple Q1 iPhone shipments short of supply chain sources' view, says OTR Global
OTR Global said it believes Q1 iPhone shipments fell short of supply chain sources' January expectations, with Q1 shipments now estimated at 37M-42M units compared to a forecast of 40M-45M in January.
04/17/19
BARD
04/17/19
NO CHANGE
Target $10
BARD
Outperform
Lattice competitive landscape unchanged by Intel deal, says Baird
Shares of Lattice Semiconductor are trading lower on potential concerns related to smartphone procurement dynamics and the competitive landscape, Baird analyst Tristan Gerra tells investors in a research note. The analyst notes, however, that Lattice is de-emphasizing the smartphone market and no longer has content in Apple's (AAPL) new iPhones. Further, Intel's (INTC) acquisition of Omnitek does not change Lattice's competitive landscape, says Gerra. The analyst has an Outperform rating on Lattice Semiconductor with a $10 price target. The stock in afternoon trading is down 5%, or 62c, to $12.43.
QCOM Qualcomm
$79.09

4.84 (6.52%)

04/17/19
04/17/19
UPGRADE

Fly Intel: Top five analyst upgrades
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. Qualcomm (QCOM) upgraded to Overweight from Neutral at JPMorgan and to Outperform from In Line at Evercore ISI. 2. Domino's Pizza (DPZ) upgraded to Overweight from Equal Weight at Morgan Stanley with analyst John Glass saying he thinks the stock's current price reflects 2-3% blended global same store sales growth over the next two years, which he views as too bearish based on its track record as a "best in class operator." 3. TSYS (TSS) upgraded to Buy from Neutral at Goldman Sachs with analyst James Schneider saying the company's new portfolios are driving revenue growth while improving margin expansion is driving earnings acceleration. 4. Omnicom (OMC) upgraded to Equal Weight from Underweight at Barclays. 5. Jones Lang LaSalle (JLL) upgraded to Outperform from Market Perform at Keefe Bruyette with analyst Jade Rahmani saying she sees an attractive entry point following the recent underperformance of the shares. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
04/18/19
DZBN
04/18/19
UPGRADE
DZBN
Buy
Qualcomm upgraded to Buy from Hold at DZ Bank
INTC Intel
$58.57

2.17 (3.85%)

04/17/19
KEYB
04/17/19
NO CHANGE
KEYB
Intel's plans to exit 5G Modem business not impacting 2019 outlook, says KeyBanc
KeyBanc analyst Weston Twigg says that on the heels of the Apple (AAPL)/Qualcomm (QCOM) deal, Intel (INTC) announced that it plans to exit the 5G smartphone modem business, which was originally expected to ramp in 2020 but was likely running behind schedule. The analyst believes that continued investment in its low-margin modem business made "little strategic sense" amid fab capacity constraints. Twigg does not expect this to impact Intel's 2019 outlook, though it is possible that it could improve the company's longer-term revenue and margin profile.
04/17/19
KEYB
04/17/19
NO CHANGE
KEYB
Sector Weight
Intel 5G modem challenges a key factor leading to Apple settlement, says KeyBanc
KeyBanc analyst John Vinh notes that Qualcomm (QCOM) and Apple (AAPL) announced an agreement to dismiss all legal proceedings between the two companies worldwide, and says he believes challenges at Intel (INTC) on its 5G modem were a key factor leading to the settlement. The analyst also thinks this settlement likely will lead to a Huawei settlement, which could add another 80c in EPS for Qualcomm. While Vinh views the settlement as encouraging and as removing a major overhang for Qualcomm, he remains Sector Weight as he believes the economic benefit from the Apple settlement is largely reflected in the stock.

TODAY'S FREE FLY STORIES

ICPT

Intercept

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HUN

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UBER

Uber

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-0.405 (-1.39%)

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UBER

Uber

$28.65

-0.405 (-1.39%)

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ZM

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GWRE

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UBER

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UBER

Uber

$28.65

-0.405 (-1.39%)

18:43
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Uber says 107 total fatalities in 2017-2018 reported in relation to Uber app »

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UBER

Uber

$28.65

-0.405 (-1.39%)

18:34
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18:34
Periodicals
Breaking Periodicals news story on Uber »

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CMG

Chipotle

$819.61

10.12 (1.25%)

18:33
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Chipotle CEO: I took time to understand what makes us unique »

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RCII

Rent-A-Center

$26.02

0.36 (1.40%)

18:17
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Rent-A-Center raises quarterly dividend to 29c from 25c per share »

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BKH

Black Hills

$76.66

0.01 (0.01%)

18:02
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Black Hills utilities receive approval to upsize Renewable Ready program »

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PRIM

Primoris

$21.92

0.3 (1.39%)

18:02
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Primoris awarded two pipeline contracts for over $45M »

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LMAT

LeMaitre

$35.94

-0.09 (-0.25%)

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CLBK

Columbia Financial

$16.33

-0.24 (-1.45%)

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Columbia Financial expands stock buyback to acquire additional 3M shares »

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AXS

Axis Capital

$58.42

0.31 (0.53%)

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Axis Capital increases quarterly dividend 2.5% to 41c per share »

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PZZA

Papa John's

$59.67

-0.53 (-0.88%)

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THG

Hanover Insurance

$133.80

0.52 (0.39%)

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  • 26

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BHVN

Biohaven Pharmaceutical

$53.79

-0.235 (-0.44%)

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EPZM

Epizyme

$15.32

-0.48 (-3.04%)

17:45
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Upgrade
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THG

Hanover Insurance

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  • 26

    Feb

MAS

Masco

$46.01

0.445 (0.98%)

17:35
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CI

Cigna

$195.52

-1.13 (-0.57%)

17:31
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  • 09

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GD

General Dynamics

$182.38

4.26 (2.39%)

17:30
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General Dynamics awarded $145.75M Navy contract modification »

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DOCU

DocuSign

$69.51

-0.465 (-0.66%)

17:28
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DocuSign up 8.5% to $75.38 after Q3 results beat estimates »

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  • 05

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    Dec

DASTY

Dassault Systemes

$0.00

(0.00%)

17:24
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Initiation
Dassault Systemes initiated at Goldman Sachs »

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ULTA

Ulta Beauty

$236.09

-3.27 (-1.37%)

17:24
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Hot Stocks
Ulta Beauty up 10% to $259.20 after Q3 profit beat estimates »

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