Canaccord Genuity Reiterates a 'Buy' on Qualcomm (QCOM); Strong Results & Guidance

Canaccord Genuity reiterates a 'Buy' on Qualcomm (NASDAQ: QCOM), PT increased from $67 to $70.

Canaccord analyst says, "Qualcomm posted strong Q2/F2011 results and raised F2011 guidance. We maintain our belief Qualcomm is well positioned to post strong earnings growth during F2011 and F2012 due to a stable royalty rate, strong tablet and smartphone sales, the LTE technology transition favoring Qualcomm’s integrated solutions, and accelerating 3G device sales in emerging markets such as China/India."

"Given the Panasonic settlement combined with a stronger mix of smartphones leading to increased F2011 ASP guidance, Qualcomm increased its F2011 sales guidance by roughly $0.5B. We have increased our F2011 pro forma EPS estimate from $2.99 to $3.11 and our F2012 pro forma EPS estimate from $3.38 to $3.49."

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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