JPMorgan Sees Sharp Upside in Qualcomm, Thanks to Apple

The Qualcomm Snapdragon 835 mobile processor is announced during a keynote address by Qualcomm Inc. CEO Steve Mollenkopf at CES 2017 at The Venetian Las Vegas in Las Vegas, on Jan. 6, 2017. Ethan Miller/Getty Images

JPMorgan analyst Samik Chatterjee reiterated an Overweight rating on Qualcomm Inc. with a $225 price target, ahead of the company’s fiscal Q1 results. The price target implies an upside of 28 percent.

The analyst sees a favorable setup saying Apple Inc.’s print points to solid demand for Qualcomm’s largest customer.