Yesterday, QUALCOMM, Inc (NASDAQ:QCOM) management participated at the Canaccord Genuity Growth conference, giving a presentation as well as holding investor meetings. Following the event, which showed upward trends of growth in the corporation’s future, Canaccord’s top analyst Michael Walkley reiterated a Buy rating on QCOM with a $70 price target, which represents a 13% increase from where the stock is currently trading.

After discussing with Cristiano Amon, Executive Vice President of Qualcomm Technologies as well as President of Qualcomm CDMA Technologies, Walkley notes a “strong roadmap” highlighting driving factors of improved share and margins, which should place QCOM in solid standing.

Walkley affirms, “We believe these trends will continue as Qualcomm customers and leading Chinese OEMs continue to consolidate market share and utilize more of Qualcomm’s higher-end solutions versus the competition as these OEMs expand into international markets. Overall, our longer-term positive thesis remains intact, as we believe QCT is gaining higher-end Android market share and QTL is returning to growth with stronger collections and new growth from adjacent market opportunities.”

For the analyst, an important driver of revenue will be Snapdragon 820 in Android smartphones, which Walkley predicts will render an impact by fourth-quarter of this fiscal year and into next fiscal year of 2017. Even if Intel wins a partial share for a stock keeping unit of the iPhone 7, Walkley still contends QCOM will win on majority of the units, especially as it gains share of mid to high-end Android smartphones. Walkley predicts “ongoing solid sales” are in store for the company, even “despite some slower high-end smartphone industry growth trends.”

Bullish on Qualcomm’s commercial future and anticipating sustained success, Walkley concludes, “[…] we believe QCT with its strong portfolio is positioned to maintain strong trends with these leading Android OEMs during 2017.”

According to TipRanks, top five-star analyst Michael Walkley is ranked #23 out of 4,110 analysts. Walkley has achieved a high 61% success rate and steadily earns 15.0% in his annual returns. When recommending QCOM, Walkley realizes 4.9% in average profits on the stock.

TipRanks analytics demonstrate QCOM as a Buy. Based on 19 analysts polled in the last 3 months, 10 rate a Buy on Qualcomm, 8 maintain a Hold, and 1 issues a Sell. The 12-month average price target is $62.31, marking a nearly 1% upside from where the shares last closed.

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