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QUALCOMM’S SHARES RISE AFTER ROSENBLATT INITIATES COVERAGE WITH BUY RATING -

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    • QUALCOMM’S SHARES RISE AFTER ROSENBLATT INITIATES COVERAGE WITH BUY RATING
05-Jun
23:10 IST

Qualcomm’s stock is currently trading at 89.15-higher by 3.61% as compared to the previous closing price.

Investment bank Rosenblatt Securities initiated coverage of the chipmaker with a Buy rating and a $105 12-month price target. The investment bank’s price points to a potential upside of about 22% from the share’s previous closing price. Rosenblatt said that the company will not only benefit from the 5G handset upgrade but will also lead the market in establishing 5G capabilities around the world.

The investment bank sees the chipmaker’s dollar content per handset to gain 25% to 50% compared with 4G handsets. Rosenblatt believes the chipmaker’s 5G platform strategy helps it in expanding its markets beyond handsets. Qualcomm reported better-than-expected second-quarter earnings in late-April. Stocks of Qualcomm have gained about 1% Year-to-date.

On the technical front, the RSI is currently at 67.76% and suggests that the market can move in the upward direction. The current price is above the MA5. The %K has crossed the %D from below to the upside at around 55% and suggests that the market can move in the upward direction.

Overall Bias is Positive and short-term trades can be initiated with tight Stop Loss and Profit target.

 

TRADE SUGGESTION- LIMIT BUY AT 89.10 TAKE PROFIT AT 90.50 STOP LOSS AT 88.40

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