UPDATE: Morgan Keegan Raises PT to $69 on QUALCOMM

Morgan Keegan raises its price target to $69 on Outperform-rated QUALCOMM (NASDAQ: QCOM) as the company increases dividend 16 percent and announces new $4billion stock buyback.

Morgan Keegan notes, "Qualcomm announced a 16% increase in its cash quarterly dividend to $0.25/ or $1.00/year from $0.215/quarter and $0.86/year effective immediately. The company also announced a new $4.0 billion stock repurchase program to replace the prior $3.0 billion stock repurchase program which had $948 million of repurchase authority remaining, net of outstanding put options."

QCOM closed at $62.11 a share on Monday.