Qualcomm price target raised to $173 from $145 at BofA

BofA raised the firm’s price target on Qualcomm to $173 from $145 and keeps a Buy rating on the shares ahead of the company’s scheduled Q1 earnings report on January 31. Driven by continued improvements in Android handset demand and better channel inventories, the firm expects “solid” Q1 results, says the analyst, who notes that comps are getting easier and also believes recent easing of the Chinese monetary system may help smartphone demand in China and could potentially support growth and earnings.