This combination of pictures shows a file photo of the facade of an Apple store in Beijing and a file photo of a Qualcomm logo. Picture: GREG BAKER and MANDEL NGAN / AFP
Shares of Qualcomm, which closed up 23% on Tuesday, rose another 10% in premarket trade on Wednesday after it signed a six-year patent licence deal with Apple. The two companies had been at odds over patents and royalties over modems. While Qualcomm did not close the terms of the deal, analysts estimated that Apple withheld $5bn, or about $2 per share, under its previous royalty payment agreement.Huawei stopped royalty payments in April 2017 and Qualcomm said in January it signed an interim agreement with the Chinese company and is in talks for a final resolution.
Three brokerages raised their ratings on Qualcomm’s stock and at least eight brokerages boosted their price targets. Fourteen out of 25 brokerages rated the stock “buy” or higher and the rest “hold”, according to Refinitiv data.
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