Following a two week trip to Asia, Canaccord Genuity analyst T. Michael Walkley reiterated his QUALCOMM BUY rating. Mr. Walkley said:

“Chinese wireless carriers recently reported strong 3G subscriber growth trends during August with 3G subscribers increasing 3 times year over year to 94M. We anticipate strong 3G subscriber trends in China will continue, as 3G subscribers account for only 10% of the 928M Chinese wireless subscribers.”

He added, “Given these trends combined with our expectations for increased chip set share gains with leading OEMs such as Nokia, RIM, Apple and Samsung during fiscal 2012, we believe Qualcomm should post healthy earnings growth despite the macro uncertainty.”

And went on to say that, “Given our belief global 3G handset application service provider trends should remain stable in the near-term combined with ramping 2G to 3G upgrade sales in emerging markets, we anticipate solid QUALCOMM technology licensing results and continued healthy growth trends despite macro uncertainties. “

Mr. Walkley’s price target for QCOM is $72.