UPDATE: Cantor Fitzgerald Initiates QUALCOMM with Buy, $66 PT on Smartphone Exposure

Cantor Fitzgerald initiates its coverage on QUALCOMM QCOM with a Buy rating and a price target of $66. Cantor Fitzgerald comments, "While we forecast the wireless device market will show 9% CAGR over the next four years, we estimate the smartphone market will grow at a 28% CAGR over the same period. Gartner has estimated that Qualcomm had a 45% market share of baseband chips in smartphones in 2011, and we expect that Qualcomm could expand that share in 2012, as its new Snapdragon MSM (and its variants) is winning a disproportionate share in new smartphones." QCOM closed at $54.91 on Wednesday.