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Enough top-performing CAPS investors have turned bullish on Qualcomm (NASDAQ:QCOM) recently to upgrade it from its long held three-star rank to a more formidable four stars. More than 1,100 investors have given their opinions on Qualcomm, with many of them offering analysis and commentary explaining the recent optimism.

Qualcomm ushered in a bright and sunny spring by announcing that it had nabbed eight new licenses in the recent auction for prime U.S. spectrum for a cool $558 million. Qualcomm intends to use most of the licenses to expand its mobile TV service, called MediaFLO, across major markets in the U.S.

With AT&T (NYSE:T) now joining Verizon (NYSE:VZ) in launching mobile TV services using Qualcomm's system, investors see good profit potential in this new service.

Defying gloomy outlooks from other companies such as Texas Instruments (NYSE:TXN) and Motorola (NYSE:MOT), Qualcomm gave investors more reason to cheer when it reported solid fiscal second-quarter earnings in mid-April. Even better than the 6% earnings and 17% revenue growth was the increased guidance for the balance of the year.

So despite efforts from heavyweights such as Nokia (NYSE:NOK) and Broadcom (NASDAQ:BRCM) to cap royalties that Qualcomm charges, the company continues to grow. And even with significant outstanding legal disputes dragging on Qualcomm, nearly 91% of the 1,111 investors now rating the company feel it will overcome the challenges to beat the S&P going forward.

To see what the very best CAPS analysts are saying now about Qualcomm -- as well as other winning stocks they are picking -- head on over to CAPS and have a look. The community research and resources in CAPS are totally free, unlike analyst opinions reserved for paying clients.

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