Citigroup raised its price target on Qualcomm (QCOM) stock on Monday to $132 (15.3% upside potential) from $108 citing strong earnings growth potential over the next year. Shares of the mobile chipset manufacturer were trading 1.7% higher in the pre-market trade today.Citigroup analyst Christopher Danely reiterated his Buy rating on Qualcomm. In a note to investors, Danely said that Qualcomm’s earnings could increase 43% through 2021, way higher than the peer group average earnings growth of a mere 1%. The analyst believes that acceleration in deployment of 5G will mainly drive the company’s bottom-line results.Notably, Qualcomm has been benefiting from a ramp-up in 5G-enabled chips. On July 29, it reported non-GAAP revenues of $4.89 billion, which surpassed analysts’ expectations of $4.81 billion and came in above the mid-point of the company-guided range of $4.4-$5.2 billion. Qualcomm’s adjusted EPS of $0.86 beat Street estimates of $0.72 and was well above the guidance range of $0.60-$0.80. (See QCOM stock analysis on TipRanks).Currently, the Street is cautiously optimistic on the stock. The Moderate Buy analyst consensus is based on 15 Buys and 8 Holds. With shares up nearly 30% year-to-date, the average analyst price target of $123.22 implies further upside potential of 7.6% from current levels.Related News: Boxlight Buys Audio-Visual Specialist Sahara For $94.9M Micron: Soft Memory Demand Spells Uncertainty Ahead Cleveland-Cliffs To Buy ArcelorMittal’s US Operations For $1.4B More recent articles from Smarter Analyst: * Thor Industries Pops 6%, Posts Strong 4Q Earnings On RV Demand * Boxlight Buys Audio-Visual Specialist Sahara For $94.9M * Johnson Outdoors Ramps Up Dividend By 23.5% * Cleveland-Cliffs To Buy ArcelorMittal’s US Operations For $1.4B
