SAN DIEGO-Shares of Qualcomm Inc. increased more than 30 percent on Wednesday after an analyst at PaineWebber initiated coverage of the cdmaOne innovator with a “buy” rating at a price target of $1,000 per share.
Qualcomm’s shares closed at $656 Wednesday, up $153. PaineWebber analyst Walter Piecyk believes that 85 percent of phones sold by the end of the next decade will use Code Division Multiple Access technology. Qualcomm’s resulting royalty stream could reach $20 billion, he said.
In related news, Qualcomm announced its stockholders approved a four-for-one stock split of the outstanding shares of the company’s common stock.
