Following a strong second quarter of fiscal 2012 for Qualcomm (QCOM) Canaccord Genuity technology analyst Michael Walkley noted the company guided third quarter of fiscal 2012 below his expectations “as supply constraints for Qualcomm’s leading 28nm [nanometer] solutions, combined with increased operating expenses to drive 28nm supply, resulted in the lower June quarter EPS guidance.”

However Mr. Walkley said in a note to clients “a sharp ramp in 28nm supply during Q1/F2013 [first quarter of fiscal 2013] and believe Qualcomm is well positioned to post strong earnings growth due to stable royalty rates, strong connected device sales, increasing market share for integrated chipsets, and accelerating 3G device sales in emerging markets.”

He said that, “Qualcomm remains a top pick” and reiterated his BUY rating and $80 target on the company.