Goldman Have Become $QCOM Fanboys Now, Adds Them to Conviction Buy List

What a research department, eh? They add the company to their conviction buy list after they report a blow out quarter.

Hey, I’ve got a prediction. I bet you Ted Cruz won’t endorse Trump. How’s that for balls?

Goldman likes the stocks up to $70, at which point they might scowl at the shares and possibly remove them from their list.

“We see Qualcomm as a powerful mean reversion story over the next year,” Goldman’s Simona Jankowski wrote in a note to clients Thursday.

“We expect revenue growth to accelerate into FY17 as Qualcomm’s share gains at Samsung and with Chinese OEMs overcome share loss in the iPhone (at higher ASPs) and its China royalty collections recover. … With several strong new chipset product cycles Qualcomm has regained leadership at the high end.”

The stock has a ways to go before hitting all time highs. This company has been generally regarded as a has been for the better part of the past 3 years. I’m not particularly sure why they’re all the rage now, following just 1 earnings beat. Nonetheless, the stock is off to the races today, in an otherwise listless tape.