Buy Qualcomm Up to $50

5/7 - "We reiterate our Buy recommendation and the same valuation target for Qualcomm (QCOM), the largest developer of digital wireless chipsets based on CDMA technology, following the company's second quarter fiscal 2008 financial results (ended March). As further support to our rating, the company raised its financial outlook for full fiscal year 2008, despite facing a weak U.S. economy.

Qualcomm's fundamentals remain compelling as robust growth in the 3G wireless handset market (for both WCDMA and CDMA 2000 technology) are driving healthy product sales....Multiple WCDMA operators have adopted Qualcomm's BREW technology. In addition, design wins for Gobi mobile Internet solutions and the Snapdragon chipset platforms, along with major customer agreements for Firethorn financial mobility solutions and continuous network deployments of MediaFLO USA, are indicative ...