As the legal battle between Nokia Corp. (NYSE:NOK) and Qualcomm Inc. (NASDAQ:QCOM) rages on over the latter’s wireless phone technology patents, Deutsche Bank has raised its price target on Qualcomm shares.
The firm boosted its “buy” rated price target to US$55 from US$50 on what it calls an “unnoticed public filing.”
Deutsche Bank said the International Trade Commission judge presiding over a case between the two companies issued two summary judgments earlier this month invalidating two of Nokia’s defenses.
”According to Qualcomm, the judge has now made it difficult for Nokia to argue about the Qualcomm’s licensing process and returns the case’s focus to whether or not Nokia infringed the patents,” the firm said in a note to clients.
Brantley Thompson at Goldman Sachs also has a US$55 price target on Qualcomm shares and the stock is on the firm's Americas Buy List.
He said he expects Qualcomm and Nokia to continue to look to the courts to help them in their negotiations, which could lead to more legal headlines involving the companies in coming weeks.
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