Cowen is out with a bullish note on Qualcomm (QCOM) ahead of today's FQ1 report: the firm expects conservative guidance to be issued, but also foresees additional (baseband) chip share gains. With Qualcomm recording an estimated $34 in chip sales per iPhone 5 unit (per iSuppli), Apple's light guidance and reported order cuts are bound to take a toll on FQ2 guidance. But Qualcomm is also benefiting from ramping 4G baseband sales and strong uptake for its Snapdragon processors among Android OEMs.
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