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QUALCOMM Incorporated (NASDAQ:QCOM) shares continue to be recommended by Cowen after its Q3 earnings miss due to management guidance for December. The firm believes that key drivers are currently in place including key flagship device launches during the December quarter which should push a quick decrease of chip channel inventory. The firm give shares an Outperform rating. Morgan Stanley predicts that Qualcomm has already been through the worst with the earnings reset, and upcoming catalysts include new high-end smartphone builds which will offset low QCT operating margins. The firm gives the shares an Overweight rating.
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Air Methods Corp. (NASDAQ:AIRM) target was raised by Oppenheimer following the company’s preannouncement that it achieved higher than expected Q2 EPS. The firm keeps its Outperform rating on the stock.
Yum! Brands, Inc. (NYSE:YUM) valuation is viewed as reasonable at Oppenheimer, following the company’s report of higher than expected Q2 China comps but Q2 China margins which the firm believes are weak. The firm keeps its Outperform rating on the stock.
Cree Inc. (NASDAQ:CREE): According to JPMorgan, LED companies are likely to report in-line results for Q2, but the firm does not see a likely upside for the second half of 2012 due to the uncertain macro environment. Earnings estimates for Cree , Veeco (NASDAQ:VECO), and Rubicon Technology (NASDAQ:RBCN) were lowered by JPMorgan, with an Overweight rating on all three. JPMorgan dropped Cree’s price target from $42 to $34, Veeco’s from $45 to $40, and for Rubicon from $20 to $17.
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