KeyBanc upgrades Qualcomm to Overweight on HiSilicon ban benefits

KeyBanc analyst John Vinh upgraded Qualcomm to Overweight from Sector Weight with a $105 price target. The shares closed Wednesday up $1.27 to $79.29. Qualcomm will benefit from recent export restrictions targeted at HiSilicon. With Huawei unable to procure new silicon internally, Qualcomm’s Snapdragon chipset will likely be designed into its flagship 2021 smartphones, Vinh tells investors in a research note. While this will require Qualcomm to obtain a license, the analyst anticipates this will be granted.