Stock Track | Qualcomm Soars 5.13% in Pre-Market After Goldman Sachs Raises Price Target to $180

Stock Track

07/06

Qualcomm's stock surged 5.13% during pre-market trading on Monday, marking a significant upward movement for the semiconductor company.

The rally appears to be driven primarily by Goldman Sachs raising its price target on Qualcomm to $180 from $145, representing a substantial increase in the firm's valuation of the company. This positive analyst action provided a strong catalyst for the stock's pre-market gains.

Despite Citigroup adding Qualcomm to its negative catalyst watch list due to tepid smartphone sales growth, the broader chip sector showed strength in pre-market trading, with multiple semiconductor companies advancing. The Goldman Sachs price target adjustment seems to have outweighed concerns about smartphone market weakness, propelling Qualcomm's stock higher.

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