Qualcomm 's recent stock decline has created an opportunity for investors to buy the chipmaker on the cheap, according to Edward Jones. The firm on Friday upgraded shares of Qualcomm to 'buy' from 'hold' to fully reflect its growth outlook for the company, which it sees as an industry leader in 5G technology. Shares of the company closed at $141.90 per share on Thursday, down more than 20% for the year. "Given the company's leading industry position, we believe this discount is unwarranted," wrote Edward Jones analyst Logan Purk in a note. "Qualcomm has performed in-line with technology stocks over the longer term, as the company has resolved legal claims and as steady chip demand has resulted in solid earnings growth." In the next year, Edward Jones expects business for the company will slow as sentiment has become more negative for semiconductor companies. Still, Qualcomm "remains well-positioned on several fronts over the long-term," Purk wrote. Purk added that Qualcomm continues to gain market share in the premium phone space. The company has also worked to diversify its chip business. These two factors should support growth in an already-mature handset market. The company's licensing business also has very high profit margins, which drives cash flow to reinvest in the business and return capital to shareholders. In addition, settlements against other handset manufacturers and legal wins against the Federal Trade Commission have significantly reduced headwinds. "We believe at a near all-time low price-to-earnings ratio, shares already reflect the potential for a slowdown in the company's business and represent an attractive entry point for long-term investors," said Purk.