Canaccord Genuity Reiterates a 'Buy' on Qualcomm (QCOM); Strong Smartphone Trends, Apple (AAPL) and Samsung Share Gains Continue

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 and RIM’s lowered F2012 guidance have created concerns regarding global smartphone trends, our checks indicate strong overall global smartphone sales with HTC and Research In Motion (Nasdaq: RIMM) losing market share. 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."

Other stocks of note: Apple (Nasdaq: AAPL)

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 $54.49 yesterday.

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