Qualcomm ( QCOM) is one of seven of Barclays' technology stock picks. The company develops and licenses wireless technology and makes semiconductors for mobile phones. The company's key patents are based on code division multiple access (CDMA) technology, which is a standard in wireless communications and is licensed by most major handset makers. Barclays' analysts say: "We believe Qualcomm may be well-positioned to benefit from secular growth trends in mobile data, with impressive positioning in its licensing and chipset businesses; leverage to the accelerated global embrace of smartphones, 3G and connected devices; and commitment to delivering double-digit revenue and earnings growth for the next five years." The company is in good financial shape, as it has a solid balance sheet with about $18 billion in cash and investments, and strong cash-flow generation. Qualcomm shares are up 15% this year and 54% over the past year. The stock is trading at $56 now, a 14% discount to Barclays' target price of $64 set April 21.