The chip name also announced a quarterly cash dividend of 75 cents per share
Qualcomm, Inc. (NASDAQ:QCOM) is up 1.9% to trade at $144.57 at last check, after J.P. Morgan Securities added the chip name to its Analyst Focus List. The brokerage noted the company could “benefit substantially from 5G modem sales” to smartphone makers, and that shares are trading well above earnings-per-share estimates for the next 12 months, pointing to plenty of upside potential. Plus, Qualcomm announced a quarterly cash dividend of 75 cents per share earlier today, which will be payable on Sept. 22.
The brokerage bunch is already bullish on Qualcomm stock, but there is still some room left for upgrades. Specifically, 10 of the 16 analysts in coverage say “buy” or better, while six say “hold.”
Short-term options traders are overwhelmingly optimistic on QCOM as well. This is per the stock’s Schaeffer’s put/call open interest ratio (SOIR) of 0.74, which stands higher than just 4% of readings in its annual range.
The shares yesterday surged to their highest level in more than one month, breaking through a ceiling at the 80-day moving average, as they bounced off support at the $132 region. This follows Qualcomm stock’s June 23, one-year low of $118.25. The security is currently eyeing its fourth-straight daily win, despite carrying a 21.6% year-to-date deficit.
Image and article originally from www.schaeffersresearch.com. Read the original article here.