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Qualcomm +4.6% as Citi turns bullish on 5G

|About: QUALCOMM Incorporated (QCOM)|By: , SA News Editor

Qualcomm (NASDAQ:QCOM) shares are up 4.6% to $96 after the Citi upgrade from Neutral to Buy earlier today. The company has a Bullish average Sell Side rating.

The firm notes that the "long-awaited 5G ramp" is beginning to take shape in 2020 and QCOM is one of the most exposed stocks to the technology.

Citi still has long-term concerns about Apple's in-house chips and pricing pressure, but thinks the 5G cycle will "put these trends on hold for at least the next twelve months."

Citi raises its QCOM target from $89 to $108.