QCOM - Qualcomm +2.2% as CEO move draws praise from analysts

Qualcomm (QCOM) is up 2.2% in the wake of naming a new chief executive, and amid general praise from analysts for the move. And as with Wells Fargo, whether analysts were expecting the change or not, they anticipate the transition will be smooth. Canaccord Genuity has raised its price target to $180 from $175, now implying another 19% upside. Company leadership in 5G will not only mean strong share gains with original equipment manufacturers but also bring stronger pricing than with 4G products, it says. Rosenblatt Securities is "somewhat surprised" that CEO Steve Mollenkopf decided to retire - but under new CEO Cristiano Amon, company strategy will "increase emphasis on diversification into markets beyond smartphones," including the automotive and Internet of Things markets. There's no major changes coming to the business model as the company will remain a "fabless" chipmaker, Amon says - outsourcing the actual manufacturing of the silicon

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Qualcomm +2.2% as CEO move draws praise from analysts