Bernstein SocGen Group analyst Stacy Rasgon reiterated a Market Perform rating and $165.00 price target on Qualcomm (NASDAQ: QCOM).

The analyst commented: " Renews Apple licensing agreement, hopefully settled? Or kicked down the road again? This morning Qualcomm announced the renewal of their QTL licensing agreement with AAPL, effective April 1 (when the old agreement was set to expire). The question of “will they or won’t they” around this issue has been a controversy given the two companies were in dispute about it last time, and given the (non-trivial) impact on Qualcomm’s financials (we estimate ~$1.5-$1.7B in revenue at roughly $7.50ish per phone, and ~$1.25-$1.50 in EPS), so the renewal is, for now, welcome. Note that numbers broadly incorporated the royalty sticking around."

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Shares of Qualcomm closed at $194.26 yesterday.