Goldman Sachs Upgrades Qualcomm To Neutral, Increased Price Target Signifies 6% Upside

Goldman Sachs analyst Rod Hall upgraded Qualcomm Inc QCOM to Neutral from Sell with a price target of $148, up from $136, implying a 5.93% upside.
Qualcomm is poised to benefit from multiple tailwinds in the second half of 2021, including an earlier Apple Inc's AAPL iPhone launch and improving supply situation, Hall believes.
He raised the company's handsets segment estimates to reflect updated handset market expectations, including Huawei Technologies Co, Ltd's share shift to Qualcomm.
Hall sees Qualcomm likely reporting substantial chip numbers in the second half from higher iPhone builds and improved Taiwan Semiconductor Manufacturing Co Ltd's TSM capacity availability.
Price action: QCOM shares traded lower by 0.26% at $139.35 in the premarket session on the last check Monday.