FBR Capital Maintains 'Outperform' on Qualcomm (QCOM); Beat and Raise Results and Guidance

FBR Capital maintains 'Outperform' on Qualcomm (NASDAQ: QCOM), PT increased from $62 to $65.

FBR analyst says, "Qualcomm reported robust "beat and raise" financial results and guidance Wednesday, with global smartphone market strength and still-conservative financial guidance likely setting the stage for more upside goodness when June and September results are reported. Indeed, Qualcomm's scale, financial might, and customer traction in the smartphone/tablet market are undeniable, with Qualcomm supplying roughly one-third of the world's cellular baseband processors in 2011 (and a higher percentage of smartphone basebands). While there have been concerns about order choppiness in March at Samsung and LG, it seems that unit strength at HTC and the layering in of the Apple CDMA–based iPhone 4 and iPad 2 drove upside. Further, we believe management has been conservative in setting chipset and device unit growth for 2011, with implied 2H11 guidance seemingly beatable on both fronts...and raise�2012 EPS estimate from $3.30 to $3.45."

For more ratings news on Qualcomm click here and for the rating history of Qualcomm click here.

Shares of Qualcomm closed at $55.27 yesterday.

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