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Upgrade Alert for QUALCOMM (QCOM)

By Shiri Gupta

QUALCOMM (NASDAQ:QCOM) was upgraded from Buy to Conviction Buy at Goldman Sachs today. The stock closed yesterday at $59.93 on volume of 33.4 million shares, above average daily volume of 8.9 million.

Over the past year, QUALCOMM has traded in a range of $42.24 to $78.53 and closed yesterday at $59.93, 42% above that low. Over the past week, the 200-day moving average (MA) has gone down 0.5% while the 50-day MA has remained constant.

There is potential upside of 6.1% for shares of QUALCOMM based on a current price of $59.93 and an average consensus analyst price target of $63.61. The stock should find initial support at its 200-day moving average (MA) of $52.93 and further support at its 50-day MA of $51.53.

QUALCOMM Incorporated develops and delivers digital wireless communications products andservices based on the Company's CDMA digital technology. The Company's businessareas include integrated CDMA chipsets and systems software, t echnology licensing, Eudora email software for Windows and Macintosh platforms, and satellite based systems including Omnitracs and Globalstar systems.

SmarTrend recommended that subscribers consider buying shares of QUALCOMM on February 17th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $47.77. Since that recommendation, shares of QUALCOMM have risen 16.9%. We continue to monitor QCOM for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: analyst upgrades/downgrades Qualcomm

Ticker(s): QCOM