Canaccord Genuity Reiterates a 'Buy' on Qualcomm (QCOM); HTC Weakness Company-Specific Versus Smartphone Macro Weakness

Canaccord Genuity reiterates a 'Buy' on Qualcomm (NASDAQ: QCOM) price target of $74.00.

Canaccord analyst, T. Michael Walkley, said, "While HTC’s reduction of its Q4/11 guidance only three weeks after reporting creates concerns regarding global smartphone trends, we believe HTC’s shortfall is more company-specific than overall weakness in smartphone sales. 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 MSM integrated chipsets, accelerating 3G device sales in emerging markets, and expanding QCT margins longer term."

For an analyst ratings summary and ratings history on Qualcomm click here. For more ratings news on Qualcomm click here.

Shares of Qualcomm closed at $51.86 yesterday.

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