Qualcomm Inc among Wall Street analysts’ favorite stock
Qualcomm Inc (NASDAQ:QCOM) stock has been underperforming the market since the start of 2016. However, with a lot of upside potential, the company is among Wall Street analysts’ favorite stocks. Analysts are also optimistic about the company’s stock due to emerging opportunities in China and India, which have shown an increase in demand for 3G mobile technology. Analysts believe that the growth in demand there could be a gamechanger for Qualcomm, as the company has been leading the 3G code division multiple access (CDMA) development market since many years.
Qualcomm finally won back the contract with SAMSUNG ELECTRONICS (OTCMKTS:SSNLF) for providing semiconductors for the recent flagships phones of the company. Qualcomm stock value increased by 2.02% as soon the news hit the market. As per Qualcomm, the company will be providing its Snapdragon 820 processor for the Galaxy S7 and S7 Edge, which will be released in the US markets only. Samsung will be using its own Exynos processors in its phones for South Korea and other countries.
Qualcomm stock has gained 20.16% since February 11, despite being on a downward trend before that. The company’s stock is up by 3.27% year-to-date (YTD). Conversely, the Dow Jones and S&P 500 Index are down by 4.51% and 4.3%, respectively. Qualcomm stock has an average daily trading volume of 13.91 million and a 52-week range of $42.24-74.09.
Peachtree Investment Advisors recently increased its stake in Qualcomm by 10.9% according to the latest filing with the Security and Exchange Commission (SEC). The company now holds 28,145 shares in Qualcomm worth $1,407,000. Moreover, Personal Capital Advisors Corp has also boosted its shareholding in Qualcomm by 14.6% and now holds 26,934 shares in the company, worth $1,346,000.
Bernstein and Susquehanna recently upgraded their stock rating for Qualcomm stock to Outperform and Positive, respectively. As per data gathered by FactSet, seven analysts in the market recommend a Strong Buy for the company’s stock, 14 suggest a Buy, whereas 13 give a Hold rating. As per Zacks Research firm, Qualcomm stock is expected to reach a price of $59.55 in 2016. The company’s stock is currently trading at $51.10, down by 1.01% in pre-market hours on February 29.