Skip to Content
Global News Select

Qualcomm Shares Up; Citi Upgrades to Buy

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.