UPDATE: Stifel Initiates Coverage on Qualcomm on Market Leader Position

In a report published Tuesday, Stifel analyst Sanjiv Wadhwani initiated coverage on

with a Buy rating and $80.00 price target. In the report, Stifel noted, “We are initiating coverage of Qualcomm Incorporated (QCOM) with a Buy rating and an $80 target price (16x P/E to our CY14 estimates). Qualcomm is a leading vendor of cellular baseband processors and a leading provider of application processors, connectivity, and other wireless components by revenue. We believe Qualcomm's leadership in Code Division Multiple Access (CDMA) cellular radio, especially in advanced 3G & 4G/LTE technologies, is well understood.” Qualcomm closed on Monday at $67.55.