Qualcomm Shares Up; Citi Upgrades to Buy
January 17 2020 - 12:51PM
Dow Jones News
By Michael Dabaie
Qualcomm Inc. (QCOM) shares were up 4.4% to $95.86 in
heavier-than-average volume midday.
Citi upgraded the stock to Buy from Neutral and boosted its
target price to $108 from $89.
"We are raising estimates and upgrading QCOM from Neutral to Buy
as the long-awaited 5G ramp begins to take shape," the note
said.
Citi said it expects upside to both revenue and margins for
Qualcomm going forward given share gains in 5G, higher average
selling prices, and increased royalty revenue.
Write to Michael Dabaie at michael.dabaie@wsj.com
(END) Dow Jones Newswires
January 17, 2020 12:36 ET (17:36 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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