Qualcomm Inc's surprise settlement of a prolonged legal fight with Apple In...
- Qualcomm Inc’s surprise settlement of a prolonged legal fight with Apple Inc paves the way for the chipmaker to resolve a similar dispute with China’s Huawei Technologies Co Ltd, ahead of the launch of 5G phones, several analysts said.
Shares of Qualcomm, which closed up 23 percent on Tuesday, rose another 10 percent in premarket trade on Wednesday after it signed a six-year patent license deal with Apple. The two companies had been at odds over patents and royalties over modems. While Qualcomm did not close the terms of the deal, analysts estimated that Apple withheld $5 billion, or about $2 per share, under its previous royalty payment agreement.Huawei stopped royalty payments in April 2017 and Qualcomm said in January it has signed an interim agreement with the Chinese company and is in talks for a final resolution.
Three brokerages raised their ratings on Qualcomm’s stock and at least eight brokerages boosted their price targets. Fourteen out of 25 brokerages rated the stock “buy” or higher and the rest “hold”, according to Refinitiv data.
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