UPDATE: FBR Capital Markets Reiterates Outperform Rating, Raises PT on QUALCOMM

In a report published Wednesday, FBR Capital Markets reiterated its Outperform rating on QUALCOMM QCOM, and raised its price target from $70.00 to $72.00. FBR Capital noted, “Stepping back, Qualcomm remains the gold-standard cellular technology provider, with 4G LTE and iPhone 5 catalysts ahead of it. Shares are our preferred mega-cap semiconductor long, with risk/reward still favorable despite its recent bounce. We think robust sequential growth is in store for both 3Q12 and 4Q12, and with QTL royalty and iPad Mini upside likely. The long-term QCOM story seems intact with the firm a solid play on global growth in 3G and 4G technologies, with opportunities to ramp content and margin as 4G LTE chips at 28 nm (MSM8960) grow, to penetrate (a shrinking) Nokia, to grow Win8 and mobile compute shipments, to benefit from Apple market share gains, to grow TD-SCDMA opportunities in China, and to grow annual QTL device shipments toward 2.0 billion units. We maintain our above-Street estimates on QCOM and our Outperform rating, while raising our price target from $70 to $72.” QUALCOMM closed on Tuesday at $65.08.