Qualcomm (QCOM) Sales to Samsung Will Offset Apple (AAPL) Decline

Despite declining Apple (Nasdaq: AAPL) sales, chip supplier Qualcomm (NASDAQ: QCOM) results will impress as sales to Samsung and others offset the shortfall, according to analyst T. Michael Walkley of Canaccord Genuity.

"While we estimate MSM chipset shipments could decline 9% sequentially during Q2/F2013 to 158.5M units due in part to weaker near-term sales to Apple, we anticipate strong LTE MSM sales to leading OEMs such as Samsung will offset softer sales to Apple," said Walkley.

Overall Walkley thinks Qualcomm will continue to dominate the mid and high-end of the smartphone market.

Canaccord Genuity has a Buy rating on Qualcomm with a price target of $80.00.

For an analyst ratings summary and ratings history on Qualcomm (NASDAQ: QCOM) click here. For more ratings news on Qualcomm click here.

Shares of Qualcomm closed at $63.66 yesterday.

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