Qualcomm Stock Surges 7% After Results And Target Increases

Shares of Qualcomm Inc. rose 7.5% on Thursday following the company's stronger-than-expected earnings report late Wednesday and a number of price target increases. Qualcomm's stock target was raised to $55 from $50 at Nomura, to $67 from $59 at Pacific Crest, to $70 from $67 at Credit Suisse, to $67 from $59 at Stifel Nicolaus and to $59 from $55 at RBC Capital. The mobile-chip maker reported quarterly revenue of $6 billion on Wednesday, topping analyst expectations of $5.6 billion, according to FactSet. The stock opened at $59.80 on Thursday. It has risen 16% over the last three months, outperforming the S&P 500 , which is up 4%.