UPDATE: Goldman Sachs Reiterates Buy Rating on QUALCOMM; Buyback Positive for the Stock

In a report published Tuesday, Goldman Sachs reiterated its Buy rating on QUALCOMM

and keeps its price target at $80.00. Goldman Sachs reported that, “Qualcomm announced a 40% dividend increase, raising its quarterly dividend to $0.35 from $0.25, effective for dividends payable after March 27, 2013. Qualcomm also announced a $5.0bn stock repurchase program, replacing the prior $4.0bn stock repurchase program, of which $2.5bn was remaining. The new stock repurchase program has no expiration date." QUALCOMM shares closed at $66.63 on Monday.