UPDATE: Oppenheimer Raises Target on QUALCOMM to $75

Oppenheimer increases its price target from $70 to $75 on Outperform-rated QUALCOMM

as it raises estimates on the company's solid quarter and outlook. Oppenheimer notes, "We expect a good March quarter from Qualcomm spurred by Apple and Samsung. We're also incrementally more comfortable Qualcomm will gain share in 2012-13 due to its favorable vendor mix as the iPhone 5 and new Galaxy phones launch and with increased 4G LTE adoption. We're raising our estimates accordingly and see the potential for upside as normal chipset ASP declines could be muted by accelerating LTE adoption. Qualcomm's projections suggest a third of its volume exiting 2012 could include LTE. Overall, we expect Qualcomm to continue to see the benefits of 3G/4G adoption, smartphones, share gains and TAM expansion." QCOM closed at $66.50 yesterday.