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Leon Cooperman is a noted value investor who runs tens of billions of dollors of investors' money as Chairman & CEO at Omega Advisors. He has had a stellar long term record in the decades he has been in the investing business. He was on CNBC the other day talking about some of his current favorite stock picks from a long term value perspective. Here are two selections that stood out and look attractive at these levels.

Qualcomm (NASDAQ:QCOM) received some love from Mr. Cooperman who stated among its attributes is its "Fortress balance sheet, ubiquitous in the smartphone game. Their chip is going into most all the smartphones. We think it'll probably grow, after high growth rate this year, probably 10 percent going forward".

These were not the only positive comments this mobile arms merchant received this week. Stifel Nicolaus moved the stock to a "Buy" yesterday with a $80 a share price target. Among several positives, Stifel's analyst cited the accelerated 4G rollout currently happening in China which should buoy the shares.

The company should also benefit from the impressive sales being had by Apple's (NASDAQ:AAPL) two new iPhones which are selling better than expected overall. Qualcomm has a fortress balance sheet with over $10B in net cash on the books, has a dividend yield of 2.1% and is in the process of buying back some $5B in stock.

Revenue should post an almost 30% rise this fiscal year and consensus calls for another 10% plus sales increase for FY2014. The stock sells for a five year projected PEG of under 1 (.87) as well. QCOM is priced at less than 14x forward earnings, a discount to its five year average (16.9).

Sprint (NYSE:S) is another of the Omega Advisor's CEO's favorite picks right now despite owning some shares since they were trading at $2 a share. The stock fetches over $6 a share currently, but Mr. Cooperman believes the shares have more upside as he believes the company could make over $1 a share in earnings in a couple of years.

Also sharing this view is Macquarie who just raised its price target to $7.50 a share from $7. It also upgraded the shares to "Outperform" from "Neutral". Macquarie's analyst stated the main reason behind the upgrade was "In our opinion, recent weakness in Sprint shares due to concerns over a weak Q3 and Q4 and potential 2014 EBITDA guidedown have created an entry point in what we believe is the most compelling 3-5 year story in large cap US telecom."

The telecom company recently received a large and critical capital infusion from Softbank (OTCPK:SFTBY) (which owns just under 80% of the shares) and also has big plans for the 4G spectrum it acquired from Clearwire (CLWR). Sprint recently stated its capacity via 4G should hit 200mm by the end of the year.

Another positive sign is that the company has beat bottom line expectations each of the last three quarters. It is posting losses currently, but is operationally cash flow positive. The capital infusion from Softbank gives it more than adequate financial flexibility as it builds out its 4G network. Finally a merger with T- Mobile USA (NYSE:TMUS) would be viewed very favorably by the market even though the current regulatory environment for such a transaction is challenging.

Source: A Couple Of Leon Cooperman's Top Picks