Qualcomm rises as Edward Jones upgrades, citing increased confidence
Justin Sullivan

Qualcomm (NASDAQ:QCOM) shares rose early Friday as investment firm Edward Jones upgraded the semiconductor company, citing "increased confidence" and the fact shares don't "fully reflect" the firm's outlook.
Analyst Logan Purk raised the rating on Qualcomm (QCOM) shares to buy from hold, noting it is an industry leader in 5G and continues to move into other areas, such as connected devices and autos, both of "which should support higher growth than the handset market and provide diversification.
Purk is also positive on Qualcomm's (QCOM) licensing business, which the analyst noted is high-profit and allows it to generate "strong and stable cash flow" while also increasing the company's financial flexibility.
Qualcomm (QCOM) shares gained 0.8% to $143.04 in premarket trading.
"Following several settlements and legal wins has increased our confidence in the licensing business," Purk added.
Earlier this month, TF International Securities analyst Ming-Chi Kuo said that Qualcomm (QCOM) is likely to be the only company that produces the processor for Samsung Electronics (OTCPK:SSNLF) next flagship smartphone, the Galaxy S23.
Analysts have been somewhat positive on Qualcomm (QCOM). It had an average rating of BUY from Seeking Alpha authors, while Wall Street analysts are slightly less positive on it but still rate it a BUY. Conversely, Seeking Alpha's quant system, which consistently beats the market, rates QCOM a STRONG BUY.