Qualcomm QCOM shares are trading higher on Friday amid overall market strength following strong U.S. jobs data.
Rosenblatt analysts initiated coverage on the stock with a Buy rating and $105 price target.
Qualcomm develops and licenses wireless technology and also designs chips for smartphones. The company's key patents revolve around CDMA and OFDMA technologies, which are standards in wireless communications that are the backbone of all 3G and 4G networks.
Qualcomm's stock was trading up 2.94% at $88.57 on Friday. The stock has a 52-week high of $96.17 and a 52-week low of $58.
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