For Qualcomm investors, the big question is: What now?
Qualcomm Inc. investors thought some of its biggest legal issues were abating after the company’s recent agreement with Apple Inc., but a federal court ruling has tossed the chip maker right back into a sea of uncertainty.
“We strongly disagree with the judge’s conclusions, her interpretation of the facts and her application of the law,” Don Rosenberg, executive vice president and general counsel of Qualcomm, said in a statement. “Suggested remedies from the ruling are likely to hinder QTL profitability,” Susquehanna Financial Group analyst Chris Rolland wrote in a note to clients, in a note entitled, “Just When You Think You’re Out…They Pull You Back In.” Rolland said the exact changes to the business demanded by the judge were unclear, as well as what goes into effect immediately. He dropped his price target to $85 from $100.
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