Qualcomm's (NASDAQ:QCOM) Being Driven by SnapDragon, Supporting WiFi Only

Qualcomm (NASDAQ:QCOM) has its "Buy" rating maintained on them by Gleacher & Co., citing the strong performance of SnapDragon and the company's commitment to supporting a “WiFi-only” SnapDragon product.

"It is clear that SnapDragon is winning and driving strength in chip ASPs and margins. QCOM views GOOG’s NexusOne phone as the initial “game changer” which drove the market to 1GHz clock speeds. QCOM has begun shipping dual core and is very optimistic about its tablet opportunity. We are encouraged that QCOM will support a “WiFi-only” SnapDragon product due to strong customer requests. We expect a detailed presentation with QCOM talking about 10 high-profile tablet wins which will ship in the coming months, predominately Android-Based," said Gleacher.

Qualcomm closed Wednesday at $47.98, gaining $1.60, or 3.45 percent. Volume was over 8 million higher than its 3-month average. They have a market cap of over $77 billion.