By Michael Dabaie
Qualcomm Inc. (QCOM) shares were up 4.4% to $95.86 in heavier-than-average volume midday.
Citi upgraded the stock to Buy from Neutral and boosted its target price to $108 from $89.
"We are raising estimates and upgrading QCOM from Neutral to Buy as the long-awaited 5G ramp begins to take shape," the note said.
Citi said it expects upside to both revenue and margins for Qualcomm going forward given share gains in 5G, higher average selling prices, and increased royalty revenue.
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