Qualcomm noted that it expects one-third of chip shipments to for LTE smartphones, and all expectations are that Apple's iPhone 5 will be LTE-capable, especially now that the new iPad has LTE capabilities. Raymond James analyst Tavis McCourt said he expects exceptional second-half strength for Qualcomm, as supply increases. "We continue to view Qualcomm as modestly undervalued with significant operational momentum that should continue through this year and next with iPhone/smartphone strength and emerging WindowsRT device opportunities providing exceptional growth catalysts," McCourt wrote in his research note. He has an outperform rating on the stock with a $73 price target. The company said there is going to be "a lot of focus" on new products coming online in the September quarter, and particularly in the December quarter." This coincides with the rumors of a September or October iPhone release. Qualcomm reaffirmed its 2012 fiscal year revenue guidance, and raised its non-GAAP earnings guidance. It expects 2012 revenue to be between $18.7 billion and $19.7 billion, up 25% to 32% year-over-year. Earnings are expected to be between $3.61 to $3.76 per share, up from prior guidance of $3. 55 to $3.75 per share.