Citi analysts raised their rating for Qualcomm (NASDAQ:QCOM) from Neutral to Buy, increasing the price target significantly from $110.00 to $160.00.

The analysts noted that the restocking activity in the handset market is expected to positively impact Qualcomm's revenue and margins. They anticipate this trend of inventory replenishment to persist at least until the first quarter of 2024. Additionally, the analysts project that Qualcomm will likely expand its market share with Samsung during this period.