Canaccord Genuity Reiterates a 'Buy' on Qualcomm (QCOM); Strong Results and Well Positioned for Strong F2012

Canaccord Genuity reiterates a 'Buy' on Qualcomm (NASDAQ: QCOM), PT $72.

Canaccord analyst, T. Michael Walkley, said, "Qualcomm posted strong Q3/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."

"Primarily due to higher QTL ASP trends, we have increased our F2011 pro forma EPS estimate from $3.11 to $3.17 and our F2012 estimate from $3.59 to $3.61."

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

Shares of Qualcomm closed at $56.98 yesterday.

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