UPDATE: Mizuho Securities Initiates Coverage on QUALCOMM as TDD Investment is to Pay-Off with 2014 Margin Recovery

In a report published Tuesday, Mizuho Securities analyst Matthew Hoffman initiated coverage on QUALCOMM (NASDAQ: QCOM) with a Buy rating and $88.00 price target.

In the report, Mizuho Securities noted, “We are initiating coverage of QCOM with a Buy rating and a one-year price target of $88. While investors are clearly attuned to the emerging China opportunity for Qualcomm, the positive impact of the rapidly developing market for LTE-A chips and devices appears to be less well understood. With complexity again serving as a catalyst for Qualcomm's businesses in 2014, we would add to positions at current levels.”

QUALCOMM closed on Monday at $71.96.