Canaccord Genuity Reiterates a 'Buy' on Qualcomm (QCOM); Raising Estimates on Continued Strong Trends

Canaccord Genuity reiterates a 'Buy' on Qualcomm (NASDAQ: QCOM) price target raised from $75 to $80.

Analyst, T. Michael Walkley, said, "Based on our monthly channel checks, we believe global smartphone trends are strong with feature phones transitioning to smartphones in emerging markets and an upcoming ramp of LTE smartphones driving strong demand for Qualcomm’s S4 Snapdragon chipsets. We believe Qualcomm should post strong earnings growth during F2012 and F2013 due to stable royalty rates, strong connected tablet and smartphone sales, increasing market share for integrated chipsets, and strong 3G smartphone sales in emerging markets."

Walkley raises FY12/13 EPS estimate from $3.71/4.17 to $$3.84/$4.46.

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 $68.06 yesterday.

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