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Qualcomm (QCOM) Stock Gains on Expectations of Licensing Revenue Growth

NEW YORK (TheStreet) -- Qualcomm (QCOM - Get Report) stock is gaining 0.61% to $51.45 in midday trading on Monday after Canaccord analysts said the San Diego-based wireless technology company is expected to see long-term growth from licensing agreements. The firm reiterated their "buy" rating and $65 price target.

"[W]e are impressed by the long-term technical roadmap, believe the more optimistic long-term [Qualcomm Technology Licensing] growth targets are achievable, and appreciate the new focus of the management team on streamlining the business and on cost controls," Canaccord said in an analysts note this morning after meeting with Qualcomm's management.

Soft smartphone sales are expected to impact short-term financial results, but a new licensing agreement...