Qualcomm (NASDAQ:QCOM) to Have Chip Traction into March Say Barclays

Qualcomm (NASDAQ:QCOM) should see continual and improving chip traction into March, said Barclays, citing iPhones (Nasdaq:AAPL) and other smartphones.

Barclays says, "We continue to highlight Qualcomm and raise our estimates and price target, seeing a solid December quarter and improved chip traction into March (iPhone (AAPL), Smartphones). Post industry and Asia channel checks, we raise our March EPS estimate from $0.66 to $0.68 and CY11 from $2.80 to $2.83. Heading into an upbeat Mobile World Congress February 14th with accelerated US 4G deployments, we set a price target of $60...For CY10, we estimate revenue of $11.4 billion and EPS of $2.55. For CY11 our estimates move to $12.86B (+12.5% YoY) and $2.83 from $12.81B and $2.80."

Barclays reiterates an "Overweight" rating on Qualcomm (QCOM), which closed at $53.03, gaining $0.99, or 1.90 percent. Barclays raised their price target on Qualcomm from $55 to $60.