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Qualcomm stock gains after Citi upgrade

Shares of Qualcomm Inc. are up nearly 4% in Friday morning trading after Citi Research analyst Christopher Danely upgraded the stock to buy from neutral and upped his price target to $108 from $89. “We expect upside to both revenue and margins for Qualcomm going forward given share gains in 5G, higher [average selling prices], and increased royalty revenue,” Danely wrote. While he’s worried over the long run about declining royalty rates and Apple becoming more involved in its own chip process, he expects the 5G rush “will put these trends on hold for at least the next 12 months like in previous upgrade cycles.” Shares have added 21% over the past three months, as the S&P 500 has risen 11%. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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