Canaccord Genuity Reiterates a 'Buy' on Qualcomm (QCOM); CES Meetings Confirm Share Gains for Snapdragon LTE Solutions

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

Canccord analyst, T. Michael Walkley, said, "At CES, we attended Qualcomm’s IR event, CEO Paul Jacobs’s keynote speech, and hosted meetings with coverage companies and industry contacts. A common theme from our meetings was new LTE smartphone introductions from leading Android (Nasdaq: GOOG) and Windows (Nasdaq: MSFT) OEMs using Snapdragon solutions. 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."

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 $56.54 yesterday.

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