UPDATE: Morgan Stanley Raises PT to $78 on Qualcomm

Morgan Stanley increases its price target $13 to $78 on Overweight-rated Qualcomm QCOM on LTE wide adoption upside. Morgan Stanley says, "3G ASP stability, adoption of LTE, introduction of family data plans and launch of WOA point to potentially stronger revenue growth in FY12 and FY13. Raising ‘12 EPS to $3.85 from $3.75 and ‘13 EPS to $4.50 from $4.23. PT goes to $78 from $65 and bull case to $100 on a bull ‘13 EPS of $6.00." QCOM closed at $66.68 a share on Friday.