Qualcomm (NASDAQ:QCOM) stock is on the move Friday after Citi analyst Christopher Danely weighed in on the technology company’s shares.
The Citi analyst upgraded shares of QCOM stock from a “neutral” rating to a “buy” rating today. Investors will note that the analyst consensus rating for Qualcomm shares is a moderate buy based on 19 opinions.
In addition to that, Danely bumped up the price target for QCOM stock from $110 per share to $160. That represents a potential upside of 15.1% compared to its prior close. It’s also a bullish price prediction next to the analyst consensus of $139.90 per share.
Why the Bull Stance on QCOM Stock?
The Citi analyst highlights several advantages that QCOM stock has going for it. That includes stabilizing demand for the company’s handsets as well as inventory replenishment continuing. He claims this should be beneficial to Qualcomm’s revenue and margins.
Here’s a portion of what Danely said in a note to clients obtained by Barron’s:
“We believe the replenishment will continue at least through 1Q24 and Qualcomm should gain share at [Samsung] as well. We also expect Qualcomm’s margins to improve given improved sales trends.”
QCOM stock is up 2.3% as of Friday morning as some 1 million units trade. It’s daily average trading volume is well above that at 8.4 million shares.
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
