Qualcomm (QCOM) Well Positioned Into 5G, Settlements - Canaccord Genuity
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Get Alerts QCOM Hot Sheet
30 Buy, 18 Hold, 4 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 15 | Down: 8 | New: 14
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Canaccord Genuity analyst T. Michael Walkley was out positive on Qualcomm (NASDAQ: QCOM) ahead of the FTC case starting Friday, which he notes is an important step in process towards reaching licensing settlement with Apple. Walkley said with 5G network builds starting to ramp around the world in 2019, they believe Qualcomm is well positioned to benefit with increasing smartphone market share in 2H/19 and beyond. While positive on 5G, they believe settling licensing disputes with Apple and Huawei are potential larger catalysts for the shares in 2019.
"With Qualcomm receiving favorable rulings with preliminary injunctions for older iPhone models in China and Germany during December, we believe this could help Qualcomm gain some much- needed leverage to facilitate negotiations with Apple... We maintain our BUY rating given our belief Qualcomm will eventually settle with Apple and Huawei combined with our expectations 5G will drive longer-term market share gains and adjacent market growth opportunities," the analyst commented.
The firm reiterated a Buy rating and price target of $75 on QCOM.
For an analyst ratings summary and ratings history on Qualcomm click here. For more ratings news on Qualcomm click here.
Shares of Qualcomm closed at $57.40 yesterday.
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