- Cascend Securities adjusted the price target of Qualcomm, Inc. (NASDAQ: QCOM) from $125 to $145. These are the details.
Today Cascend Securities adjusted the price target of Qualcomm from$125 to $145. And Cascend also kept a buy rating on the stock price.
The $145 price target represents a 13.7% upside to the closing price of Qualcomm today. Today the stock price of Qualcomm increased by $0.77 (0.61%) from $126.69 to $127.46.
Cascend is not the only financial firm that recently increased the price target of Qualcomm. Cowen increased the price target from $130 to $150 earlier this month. And in September, Barclays, Citigroup, BNP Paribas, JPMorgan Chase, Wells Fargo, and Canaccord Genuity all increased their price targets.
5G As A Focus
In an interview with Patrick Moorhead via Forbes, Qualcomm Executive Vice President Alex Rogers pointed out that the company is made up of two businesses, both of which are focused on 5G. The first business is the scientific R&D behind the technology, which is working on radio spectrum and making cellular communication systems more efficient. And the licensing business utilizes the company’s intellectual property and offers it to customers in the mobile industry to license.
In the interview, Rogers said that Release 16 for 5G will feature improvements designed for enabling connectivity in other industries like high-precision positioning for the auto industry. Rogers also noted that the new release increases capacity for operators and also creates opportunities for private networks to implement cellular technology.
December 1 Event
Qualcomm recently sent out invitations for a launch event, which is happening at the Tech Summit Digital 2020 event in December 2020. At the event, Qualcomm is likely going to announce the Snapdragon 875 5G chipset. This chipset will likely be integrated into the Samsung Galaxy S30 in February 2021.
Disclosure: I have a small Qualcomm position in my stock portfolio