MKM Partners analyst Tero Kuittinen raised his rating on shares of Qualcomm (QCOM.q) to Buy from Neutral, with a $63 price target, arguing that the company is poised to get “notable new contracts” from Nokia , Research in Motion , and Apple . Kuittinen now sees Qualcomm shipping 486 million units of its “mobile station modem,” up from an estimate of 483 previously, at an average price of $16.73 per unit, up from $16.29 previously. He estimates $3.15 per share in profit this fiscal year, up from $2.84 previously, and above the average $3.04 estimate on the Street.
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