UPDATE: Canaccord Genuity Reiterates Buy Rating, Raises PT on QUALCOMM on Share Gains

In a report published Monday, Canaccord Genuity analyst T. Michael Walkley reiterated a Buy rating on QUALCOMM

, and raised the price target from $83.00 to $85.00. In the report, Walkley noted, “We believe Qualcomm is well positioned to post strong earnings growth during F2013 due to stable royalty rates, strong connected tablet and smartphone sales driving stable ASP trends, strong 3G device sales in emerging markets, and an increasing mix of LTE MSM sales combined with strong QTL growth trends. We reiterate our BUY rating and increase our price target to $85 from $83.” QUALCOMM closed on Friday at $65.16.