Following a record quarterly report for QUALCOMM (QCOM), Canaccord Genuity technology analyst Mike Walkley reiterated his BUY rating on the company, raised his price target to $75 from $74 and increased his 2012 and 2013 revenue estimates. Mr. Walkley said:
“We believe Qualcomm is well positioned to 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 accelerating 3G device sales in emerging markets.”
He added, “We believe Mobile World Congress could serve as another catalyst for the shares, as we believe many of Qualcomm’s customers will announce new products using Qualcomm’s 8960 MSMs [mobile station modems].”
Mr. Walkley raised 2012 annual revenue estimate to $19.4B from $18.4B, and his 2013 annual revenue estimate to $21.9B from $21.3B.