Qualcomm's stock continued to rally following its surprise settlement with Apple last week, gaining nearly 6 percent in trading on Tuesday.
The San Diego cellular technology supplier got a boost from a price upgrade from Morgan Stanley analyst James Faucette, who raised his price target for the shares to $95.
That's higher than many other analysts, even those who have been bullish on Qualcomm's stock over the past couple of years.
Qualcomm's shares ended trading Tuesday at $86.72 on the Nasdaq Exchange. The company's market value surged to $105 billion -- compared with a market capitalization of less than $70 billion prior to the deal with Apple.
Qualcomm's shares have not traded above this level, adjusted for stocks splits, since reaching an adjusted $89 per share price during the dot-com frenzy of 1999.
A year ago, the stock slumped to the $48 range.
Qualcomm's share price has been dragged down over the past five years by regulatory investigations in China and elsewhere, an unsuccessful hostile takeover attempt by chip rival Broadcom, the failed acquisition of NXP Semiconductors and the bloody legal war with Apple.
On April 16, Apple and Qualcomm settled their two year dispute as both side wrapped up opening statements in a San Diego federal jury trial.
The deal includes a six-year patent license agreement between the two companies with a possible extension, a one-time payment from Apple to Qualcomm, a chip supply agreement and other provision.
The settlement is expected to add about $2 per share to Qualcomm's adjusted earnings once chip shipments ramp up, likely next year.