Good things come to those who wait. For long standing Qualcomm (QCOM) investors the wait appears to be over.That’s not to say the past few years have been disastrous by any means; Qualcomm is after all the world’s largest mobile chipmaker. Yet, Qualcomm’s market performance hasn’t even closely resembled that of other all-conquering peers in the semiconductor sector, such as Nvidia, TSMC or AMD.However, a flurry of recent positive developments is quickly changing sentiment around this industry giant. The resolution of a Huawei patent licensing dispute and a recently overturned loss in Qualcomm’s favor from a 2019 antitrust case brought against the company by the Federal Trade Commission (FTC) have removed long standing overhangs. Add in a strong F3Q report and the trends are in Qualcomm’s favor.Well, one trend in particular. 5G networks are expected to make their mark as the decade progresses, bringing with them phones and other devices capable of handling massive amounts of data. What this means is more demand for the tech that powers these devices, much of it made by Qualcomm.And business is booming. Apart from the recent Huawei agreement which includes past licensing fees of $1.8 billion, Qualcomm has signed long-term licenses with all leading OEM’s (original equipment manufacturers) and its QTL (Qualcomm Technology Licensing) segment now has over 100 5G licenses.Canaccord analyst Michael Walkley, a long standing QCOM bull, expects the company’s leading position alongside “several long term growth drivers” to pay off.The 5-star analyst said, “With smartphone volumes starting to recover and expected to improve in 2H/C20, Qualcomm is well-positioned to benefit from the long-term 5G investment cycle and anticipate strong earnings in F2021 and beyond as 5G smartphones ramp, Apple re-enters the model for QCT shipments, Huawei returns to the model for licensing payments, and global demand for smartphones improves.”Accordingly, Walkley rates QCOM a Buy along with a $137 price target, which implies a possible upside of 20% from current levels. (To watch Walkley’s track record, click here)Qualcomm has firm support among most of Walkley’s colleagues. A Moderate Buy consensus rating is based on 13 Buys, 7 Holds and 1 Sell. However, going by the $117.59 average price target, the analysts expect shares to remain range bound for the foreseeable future. (See Qualcomm stock-price forecast on TipRanks)To find good ideas for tech stocks trading at attractive valuations, visit TipRanks’ Best Stocks to Buy, a newly launched tool that unites all of TipRanks’ equity insights.Disclaimer: The opinions expressed in this article are solely those of the featured analyst. The content is intended to be used for informational purposes only. It is very important to do your own analysis before making any investment.