Qualcomm’s stock rallying like it’s 1999

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Qualcomm’s stock rallying like it’s 1999
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Shares of Qualcomm Inc. continued their rocket climb Tuesday, in a parabolic trajectory that’s eerily reminiscent of its halcyon days during the internet...

Shares of Qualcomm Inc. continued their rocket climb Tuesday, in a parabolic trajectory that’s eerily reminiscent of the chip maker’s halcyon days during the internet bubble, following its settlement deal with Apple Inc.

Despite the stock’s meteoric rise in the past week, Morgan Stanley analyst James Faucette raised his rating to overweight, after being at equal weight since Nov. 15, while lifting his price target by 73% to $95, which is 10% above current levels. Faucette said that while he takes a more conservative view than most on the pace of 5G ramp, he views Qualcomm as “the key enabler of the technology, and believe that it should be valued accordingly.” Read more about how Intel dropped out of the 5G modem business.

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