Morgan Stanley Maintains Overweight Rating and $57 PT on Qualcomm

A report from Morgan Stanley reiterates its Overweight rating and $57 price target on Qualcomm QCOM. The report states, “QCOM beat and gave bullish guidance for FQ1 with chipments of 146-154M, up 15-21% q/q, on the back of the iPhone 4S launch. It's all about the chips as Snapdragon shipments to Nokia and the intro of LTE smartphones based on the 8960 could provide upside to QCT revenue and margin in 2H'12." QCOM closed yesterday at $52.18.