Qualcomm price target raised to $130 from $105 at Wells Fargo

Wells Fargo analyst Gary Mobley raised the firm’s price target on Qualcomm to $130 from $105 and keeps an Underweight rating on the shares. Qualcomm reported mixed Q1 results and weaker-than-expected Q2 guidance. Wells Fargo continues to view Qualcomm shares as a relative underperformer, even when the chip market begins to firm.