Qualcomm stock trades higher after Citi upgrades to Buy

News Snapshot:

Qualcomm (NASDAQ:QCOM) stock rose about 2% premarket on Friday after Citi Research upgraded the shares to Buy from Neutral and increased the price target to $160 from $110. The analysts said they met companies across the technology supply chain at the CES conference. They noted that it appears that the Dynamic Random Access Memory, or DRAM, market continues to improve, and think that Micron Technology (MU) is raising utilization rates and will be qualified at Nvidia (NVDA) for HBM memory in the first quarter of 2024. The analysts' industry checks also indicated inventory replenishment in the wireless end market continues,...