UBS Reiterates a 'Buy' on Qualcomm (QCOM); Raising Numbers on Expected Steep Ramp in LTE Adoption

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

Analyst, Parag Agarwal, said, "We believe that LTE adoption is likely to ramp steeply in 2H12 with 8% of total 2012 baseband shipments expected to support LTE. Given that currently QCOM is the only meaningful supplier of LTE merchant solution, we expect it to be the chief beneficiary of LTE adoption, especially as it ramps power efficient 28nm LTE products, including integrated processors in 2012."

"Our checks indicate that TSMC is aggressively working to improve yields thru higher capex. We raise our FY2012/13 EPS estimates by 4%/5%." (FY12 EPS estimate raised from $3.49 to $3.64 and FY13 from $4.33 to $4.54)

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 $66.50 yesterday.

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