Qualcomm price target raised to $120 from $110 at Wells Fargo

Wells Fargo raised the firm’s price target on Qualcomm to $120 from $110 and keeps an Underweight rating on the shares. Mobile chip companies have entered a ST period of outperforming low expectations, the firm notes. In the mobile handset market, Wells is now in a period of inv normalization whereby mobile chip sales are accelerating, but handset sales may remain growth challenged long-term. The firm expects Qualcomm to report Q1 results at or slightly above guidance.