Canaccord Genuity Reiterates a 'Buy' on Qualcomm (QCOM); Apple/Samsung Drive Strong December Quarter Smartphone Sales

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

Canaccord analyst, T. Michael Walkley, said, "Our Q4/11 global checks indicate strong smartphone sales trends despite weaker results from HTC and RIM (Nasdaq: RIMM). We believe Qualcomm is well positioned to post strong earnings growth during F2012/13 due to stable royalty rates, strong 3G/4G tablet and smartphone sales, increasing market share for Snapdragon MSMs, accelerating 3G penetration in emerging markets, and expanding QCT margins longer term."

"We believe QCT share gains with Samsung and Apple (Nasdaq: AAPL) during the December quarter should result in strong MSM shipments. While we anticipate seasonally softer MSM shipments during the March quarter, we believe strong December quarter smartphone sales will lead to strong March quarter QTL results."

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 $56.06 yesterday.

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