Qualcomm upgraded at Susquehanna with China opening, Apple ‘de-risked’

As previously reported, Susquehanna upgraded Qualcomm (QCOM) to Positive from Neutral with a price target of $140, up from $130. In April 2021, the firm called for the top of the semiconductor cycle, but now it is calling for the bottom in this cycle, at least for consumer, PC and handset-related names. Asian checks suggest Chinese handset sell-through was better for both January and February, which the firm calls "the first positive surprises in our data for over a year." The firm also believes Qualcomm’s push into the midrange "comes at a fortuitous time given China’s reopening" and it sees the Apple (AAPL) business as "now de-risked."