Mobile chip maker Qualcomm (QCOM) saw its coverage initiated as an "Outperform" by analysts at JMP Securities on Tuesday.
The analyst also set a $60 U.S. price target on QCOM stock, which closed at $46.94 U.S.on Monday. The analyst pointed to recent positive channel checks in the wireless industry for the positive sentiment.
The Bottom Line
Shares of QCOM have been removed from some "recommended" lists back in September, when the stock traded at $46.54 U.S. The company has a dividend yield of 1.45%, based on last night’s closing stock price of $46.94 U.S.
The company has technical support in the $42-$44 U.S. price area. If the shares can continue to rebound, some near-term overhead resistance can be seen around the $50 U.S. price level.
Some experts would remain on the sidelines for now.
Qualcomm (QCOM) is not recommended at this time, holding a Dividend.com DARS Rating of 3.4 out of 5 stars.
