Qualcomm Inc. /zigman2/quotes/206679220/composite QCOM +3.55% received a buy rating from Instinet as the firm initiated coverage of the chip maker's stock Tuesday. Instinet analyst David Wong set a price target of $98 based on a 18x multiple of his 2022 earnings per share estimate of $5.47. "The leading smartphone makers in the world, including Apple /zigman2/quotes/202934861/composite AAPL -0.10% , Samsung /zigman2/quotes/209800866/delayed KR:005930 +0.60% , Xiaomi, OPPO, and Vivo use Qualcomm's modems in some of their current or upcoming 5G phones," Wong said. "Qualcomm expects its 5G-related dollar content opportunity to be around 1.5x what it was at the 4G level." Qualcomm shares rose 4.3% at last check while the PHLX Semiconductor Index was up 2.3%.