KeyBanc analyst Michael McConnell reiterated a Buy rating on Qualcomm Inc (NASDAQ:QCOM) on July 4 and set a price target of $59. The company’s shares closed yesterday at $51.94.

Augmented and virtual reality demand is increasing, which opens doors to further expansion for Qualcomm. The company is currently working in conjunction with Google to create compatibility between Tango and Snapdragon technology devices. The company is in a healthy financial position and has recently seen an increase in net income. In addition, the company has expanded cash flow and maintains reasonable debt and valuation levels.

According to TipRanks, McConnell is a 4-star analyst with an average return of 3.5% and a 61.9% success rate. McConnell covers the Technology sector, focusing on stocks such as Advanced Micro Devices, Silicon Laboratories, and Skyworks Solutions.

Qualcomm Inc has an analyst consensus of Moderate Buy, with a price target consensus of $60.11.