Piper Jaffray Maintains Overweight on QUALCOMM (QCOM)

Piper Jaffray is out with its report today on QUALCOMM

, maintaining Overweight. In a note to clients, Piper Jaffray writes, "We believe that QCOM will report a strong quarter and provide strong guidance. We believe near-term demand is strong as the supply chain hoards components post quake and OEMs remain optimistic about market share gains in smartphones and tablets, giving us confidence in QCOM's FQ3 outlook. However, as fear of supply disruptions subside and royalty revenues wane due to seasonality and weak, quake-impacted demand in Japan, we believe FQ4 will be a soft quarter. We think much of this concern is priced into the shares at current levels. Moreover, given growth in penetration of smartphones and CDMA/3G connected devices, we believe the current valuation is an excellent buying opportunity in this large cap growth franchise. We maintain our Overweight rating and would be adding to positions at current levels." Shares of QCOM closed Friday at $53.14, up 1.03% from Thursday's close.