QCOM - Qualcomm: Transition To 5G Back On Track

• Qualcomm has done exceptionally well this year despite the pandemic impacting the global smartphone markets.
• Its growth has been driven the shift to 5G with could see almost 600% 5G revenue growth accounting for at least 15% of revenue this year.
• The company has also negotiated a licensing agreement with Huawei and is seeking approval to supply SoCs to the Chinese firm which could see market share expansion in the next.
• Overall, we raise ourvaluations for the company based on a revenue growth projection of 17% for 2021on continued 5G momentum and a smartphone market recovery.

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