Citi upgraded Qualcomm to Buy from Neutral with a price target of $160, up from $110. The analyst also opened a “90-day positive catalyst watch” on the shares. Citi’s industry checks a CES indicated inventory replenishment in the wireless end market continues, which should benefit revenue and margins at Qualcomm, the analyst tells investors in a research note. The firm expects upside to Qualcomm’s earnings print and guidance. Citi expects the replenishment to continue at least through Q1 of 2024 and says Qualcomm should gain share at Samsung as well.
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