UPDATE: Topeka Capital Markets Initiates Coverage on QUALCOMM, Claims Company is Handset Market Leader

In a report published on Thursday, analysts at Topeka Capital Markets initiated coverage on QUALCOMM (NASDAQ: QCOM) with a Hold rating and a $65 PT.

In the report, lead analyst Suji De Silva commented that, "We are initiating coverage of Qualcomm Inc. with a Hold rating and a $65.00 price target. While QCOM is well positioned in the handset market, we believe the Company will face increasing competition and potential margin pressure as smartphone growth migrates to more mainstream, emerging market opportunities. At current levels, we believe QCOM shares already embed the Company's significant growth opportunity."

QUALCOMM closed on Thursday at $62.97