UBS Reiterates a 'Buy' on Qualcomm (QCOM); Raising Numbers on Solid Results and Outlook

UBS reiterates a 'Buy' on Qualcomm (NASDAQ: QCOM) price target raised from $70 to $75.

UBS analyst says, "Following F1Q results, we reiterate our rating on QCOM for following reasons: 1) chipset business is set to accelerate going forward driven by new 28nm integrated processors, and LTE, 2) QCOM is well positioned to capitalize on smartphone/3G growth in emerging markets, and 3) device ASPs, which drive royalty revenue continue to be robust and better than our expectations."

UBS raises FY12 EPS estimate from $3.43 to $3.49 and FY13 from $3.96 to $4.33.

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 $59.56 yesterday.

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