Shares were off 0.91% to $89.74.
Analyst T. Michael Walkley, who maintained his buy rating on Qualcomm, said in a note to investors that the San Diego-based company is "well positioned to benefit from 5G builds, increasing dollar content per phone from RFFE design wins, and maintaining a robust licensing business despite the FTC overhang."
Judge Lucy Koh in May sided with the Federal Trade Commission, saying that the way Qualcomm licensed its modem chips for handsets was anticompetitive and that its conduct likely was to continue.
In August, the U.S. Court of Appeals for the Ninth Circuit stayed that decision, maintaining that Qualcomm had demonstrated "serious questions" about Koh's ruling.
Walkley said he believed "the 9th Circuit Court stay could lead to potentially overturning key parts of Judge Koh’s FTC ruling combined with our belief Qualcomm is well positioned to benefit from the transition to 5G."
"Given the stay and 75 plus 5G licenses, we believe Qualcomm has a strong chance to maintain its current licensing business and is well positioned to benefit with 5G network builds ramping around the world," Walkley said.
In April, the two tech giants agreed to settle all ongoing lawsuits. As part of the settlement, Apple agreed to make a payment to Qualcomm for an undisclosed amount.
Walkley said he believed "the recent Apple settlement and Samsung and LGE renegotiations protect a strong portion of Qualcomm’s long-termlicensing business model."