Canaccord raises Qualcomm price target to 26% upside

• Canaccord Genuity raises its Qualcomm (NASDAQ:QCOM) price target by $3 to $86 after the company’s shareholder letter. The price target is 26% higher than yesterday’s closing price.
• ”Qualcomm’s acquisition of NXP remains on track and will create a company with significant earnings power and cash flow, developing into a clear industry leader in the mobile, IoT, and automotive semiconductor markets backed by the extremely strong combined IP portfolio of Qualcomm, NXP, and Freescale,” writes analyst T. Michael Walkley.
• The firm also believes Apple and Qualcomm will ultimately settle their legal battles.  
• Qualcomm shares are up 0.4% to $68.53. 
  
• Previously: Macquarie raises Qualcomm price target on Broadcom, price cuts (Jan. 17)