QCOM in Ascending Triangle $180 PT

Aug 30, 2021

If you are looking for a 5G play QCOM is a stock you should consider.This fairly valued company trading at just under 20 PE and a 2% dividend is set to grow its business exponentially due to the roll out of 5G. QCOM is well positioned for the roll out of 5G as they manufacture the leading 5G chip called the snapdragon. Also, the infrastructure bill is a looming catalyst as it would allocate over 7b to the roll out of 5G. Given QCOM is trading in an ascending triangle I believe we will break to the upside as 72% of the time in this pattern there is a break to the upside. My price target is $180 for QCOM.