UPDATE: Credit Suisse Raises PT to $80 on QUALCOMM

Credit Suisse increases its price target from $70 to $80 on Outperform-rated QUALCOMM QCOM based on the company's strengthening lead in its secular market. Credit Suisse says, "We raise our EPS estimates for Qualcomm by 3%/9% for FY12/FY13 to $4.00/$4.55, based on stronger growth in Qualcomm's addressable market (CAGR of 20% long term, for details see our industry note "Smartphones 2012: Growth robust…time to think compute" also published today). Within the telecom equipment sector, we believe Qualcomm remains the highest quality business model with the best visibility." QCOM closed at $66.22 on Wednesday.