Canaccord Genuity Reiterates a 'Buy' on Qualcomm (QCOM); Healthy Smartphone Trends, QCT Share Gains Drive Growth

Canaccord Genuity reiterates a 'Buy' on Qualcomm (NASDAQ: QCOM) price target of $72.00.

Canaccord analyst says, "Despite concerns that macro uncertainty could result in lower consumer spending, our checks indicate solid global smartphone trends with healthy inventory levels. We maintain our belief Qualcomm is well positioned to post strong earnings growth during Q4/F2011 and F2012 due to stable royalty rates, growing connected tablet and smartphone sales, increasing market share for Qualcomm’s integrated chipsets, and accelerating 3G device sales in emerging markets."

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

Shares of Qualcomm closed at $52.32 yesterday.

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