Qualcomm (QCOM) PT Raised to $170 at Cowen

Cowen analyst Matthew Ramsay raised the price target on Qualcomm (NASDAQ: QCOM) to $170.00 (from $150.00) while maintaining an Outperform rating.

The analyst commented, "Qualcomm printed a significant beat/raise as both QTL and QCT contributed meaningfully to growth. With Qualcomm now a clean story, the industry's best 5G pure-play is benefiting from the global rollout, RF content, and Apple share gains. 5G and Apple are beginning to reveal the growth/EPS power in Qualcomm's model ... with upside to come from 5G/OVX-driven share gains. Outperform, PT to $170."

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