Wells Fargo raised the firm’s price target on Qualcomm (QCOM) to $100 from $95 and keeps an Underweight rating on the shares. In a “surprising, brief and material announcement,” Qualcomm issued a press release stating its 5G Modem-RF System will be used by Apple (AAPL) through the iPhone 18, the firm notes. The key question now is whether Apple can eventually develop its own 5G modem, Wells says.
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