Canaccord Genuity Maintains a 'Buy' on Qualcomm (QCOM); Strong Results and Guidance; Analyst Day Next Catalyst

Canaccord Genuity maintains a 'Buy' on Qualcomm (NASDAQ: QCOM) price target raised to $74.

Canaccord analyst, T. Michael Walkley, said, "Qualcomm posted strong Q4/F2011 results and provided impressive Q1 and full-year F2012 guidance. We believe Qualcomm is well positioned to post strong earnings growth during F2012 and F2013 due to stable royalty rates, strong connected tablet and smartphone sales, increasing market share for integrated chipsets, and accelerating 3G device sales in emerging markets."

"Further, we believe Qualcomm’s F2012 guidance assumes roughly $0.15/share in lower investment income versus F2011 levels, and we have modeled roughly $350M in lower investment income in F2011 vs. F2012. Even with the lower investment income forecast, we have increased our F2012 pro forma EPS estimate from $3.54 to $3.55 and our F2013 pro forma EPS estimate from $4.00 to $4.10."

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

Shares of Qualcomm closed at $52.18 yesterday.

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