Canaccord Genuity Reiterates a 'Buy' on Qualcomm (QCOM); Upbeat Uplinq Conference

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

Canaccord analyst, T. Michael Walkley, said, "We are at the Qualcomm 2011 Uplinq Conference in San Diego this week and attended a meeting with Qualcomm CEO Paul Jacobs yesterday. We maintain our belief Qualcomm is well positioned to post strong earnings growth during F2011 and F2012 due to stable royalty rates, strong tablet and smartphone sales, increasing market share for Qualcomm’s integrated chipsets, and accelerating 3G device sales in emerging markets such as China and India."

"Further, we believe Qualcomm’s integrated architecture approach is gaining share, and we feel QCT is gaining share with multiple OEMs as Qualcomm’s portfolio of integrated solutions for an increasingly competitive smartphone landscape enables OEMs to quickly launch new products with leading benchmark specs."

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

Shares of Qualcomm closed at $57.16 yesterday.

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