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Qualcomm (NASDAQ:QCOM) shares are up 4.6% to $96 after the Citi upgrade from Neutral to Buy earlier today. The company has a Bullish average Sell Side rating.
The firm notes that the “long-awaited 5G ramp” is beginning to take shape in 2020 and QCOM is one of the most exposed stocks to the technology.
Citi still has long-term concerns about Apple’s in-house chips and pricing pressure, but thinks the 5G cycle will “put these trends on hold for at least the next twelve months.”
Citi raises its QCOM target from $89 to $108.
QCOM is selected in Our Selection List 5G Stocks 2020, Report January.
See what’s more in our selection list of 5G in our Categories Artificial Intelligence and Technology and get the Report of 5G Stocks for FREE.