Argus analyst Jim Kelleher raised his price target on Qualcomm to $110 and kept his Buy rating after its Q4 earnings beat and above-consensus outlook for Q1. The analyst says the company is exiting FY19, having successfully executed on strategic priorities around global commercialization of 5G, completing "important" license agreements, and executing with its product roadmap. Kelleher further contends that Quallcomm is only beginning to monetize its "significant" intellectual property and stands well positioned to benefit from its "multi-generational" lead in 5G technology.