Morgan Stanley Maintains Overweight on QUALCOMM

Morgan Stanley reiterates its Overweight rating on QUALCOMM (NASDAQ: QCOM) as the company may expect upside to quarterly earnings due to Apple clean beat.

Morgan Stanley notes, "Greater than expected AAPL iPhone shipments likely create upside to QCOM's Dec Qtr chip results and March Qtr licensing revenues. We are now even more confident that AAPL strength offsets any weaknesses experienced by small OEMs."

QCOM closed at $58.68 a share on Tuesday.