Why Qualcomm Stock Jumped Another 5% Today
Shares of semiconductor giant Qualcomm (NASDAQ: QCOM), which skyrocketed yesterday on news of a big earnings beat, maintained their momentum Friday with some help from Wall Street -- rising another 5% through 11:45 a.m. EDT.
At last report, a tally by TheFly.com had no fewer than five separate analysts raising price targets on Qualcomm stock yesterday, after the company reported a respectable 12% increase in revenues in its fiscal third quarter -- and a 76% raise in pro forma profits. One analyst -- Goldman Sachs -- even went ahead and upgraded Qualcomm stock to buy, with a $192 price target.
Today, the avalanche of applause continued, with DZ Bank upgrading Qualcomm shares to buy as well, and Jefferies & Co. hiking its price target (albeit to a more staid $160), reports StreetInsider.com.
Source Fool.com
