Despite concerns that macro uncertainty could result in lower consumer spending, Canaccord Genuity technology analyst T. Michael Walkley reiterated his BUY rating and $72 on price target on Qualcomm. He said:

“We maintain our belief Qualcomm is well positioned to post strong earnings growth during the fourth quarter of fiscal 2011 and fiscal 2012 due to stable royalty rates, growing connected tablet and smartphone sales, increasing market share for Qualcomm’s integrated chipsets, and accelerating 3G device sales in emerging markets.” Emerging markets cited include China and Latin America.

He added, “We believe Qualcomm’s earnings growth will benefit as increased smartphone sales will drive stable licensing, average selling prices and increasing chip sales.”