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Qualcomm Stock Moves to New 52-Week High On 5G Prospects

Qualcomm stock

Qualcomm (NASDAQ: QCOM) stock price surged to the highest level in the past 52-weeks, extending the twelve months rally to 70%. Positive commentary from market analysts along with investor’s confidence in 5G prospects is adding to the share price gains. In addition, the rating firms have upgraded their price targets for QCOM share price.

Qualcomm is among the companies that offer hefty cash returns to investors. Its dividend yield currently stands above 2.5%. The investors are expecting a big dividend increase from QCOM in 2020. This is because of the potential growth in financial numbers.

QCOM QUALCOMM Incorporated daily Stock Chart

Analysts Are Lifting Qualcomm Stock Price Targets

Canaccord Genuity increased Qualcomm’s price target to $115, representing a significant upside from the current price of $95. The firm is optimistic about QCOM’s position to benefit from the transition to 5G. Its analyst T. Michael Walkley claims substantial revenue and margin expansion due to 5G growth.

Michael Walkley said, “QCOM has a strong chance to maintain its current licensing business, and the Apple settlement will protect a large portion of the long-term licensing model.”

Citi also suggested investors buy QCOM shares ahead of a big rally. The firm has raised the Qualcomm stock price target to $108. Citi believes QCOM is the most exposed stock to 5G technology. The firm predicts that 5G growth would help in mitigating the negative impact related to Apple’s in-house chips and pricing pressure.

On the other hand, Bank of America anticipates almost $4 billion of revenue for QCOM from Apple’s 5G iPhone next year.

Financials and Cash Returns are Likely to Strengthen

The improving fundamentals for the semiconductor industry combined with Qualcomm’s exposure to 5G are likely to enhance its financial position in the coming days. The company expects to generate first-quarter revenue in the range of $5.2B. Meanwhile, market analysts are anticipating a further acceleration in QCOM’s revenues in the following quarters. Overall, bullish sentiments are indicating the extension of Qualcomm stock price upside momentum in 2020.

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Based in Saudi Arabia, Siraj has a strong understanding of and passion for accounting and finance. He has worked for international clients for many years on several projects related to the stock market, equity research and other business, accounting and finance related projects. Siraj is a published financial analyst on the world's leading websites including SeekingAlpha, TheStreet, MSN, and others.