Qualcomm Inc.’s stock climbed 1.2% in premarket trade Wednesday, after the mobile semiconductor company was upgraded by Susquehanna Financial analyst Chris Caso, who suggested the worst for the company and the stock may be over. Caso raised his rating to positive, after being at neutral for the last 18 months. He boosted his stock price target to $60, which is 29% above Tuesday’s closing price of $46.52, from $53. Caso said he is no longer too concerned about Qualcomm’s China business and pressure on royalties. “The China issues are now mostly resolved, and the fact that [Qualcomm] has proven that they can collect royalties in China makes us incrementally more confident that they can continue to collect globally,” Caso wrote in a note to clients. He still sees risks from intense competition on chipsets from Intel Corp. and the near-term slowdown at Apple Inc. , but he believes the current stock price discounts much of that risk. The stock has tumbled 36% over the past 12 months, while the S&P 500 has lost 4.2%.
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