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Shares of Qualcomm (QCOM) were up 2.53% to $59.13 in morning trading Monday after analysts at JPMorgan upgraded the stock to "overweight" from "neutral" with a $68 price target. The price target represents a potential 18% upside from the stock's closing price on Friday. 

"Though volatility in the shares could remain high through the summer we see the valuation gap as too large to continue to ignore with the [NXP Semiconductors] closure approaching," analyst Rod Hall wrote. "We advise investors to add to positions at current levels."

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