It's time to buy shares of Qualcomm as they can soar more than 50% from here, according to HSBC. Analyst Frank Lee initiated coverage of Qualcomm with a buy rating, saying it's among the best positioned semiconductor companies to deal with slowing chip demand for smartphones. "Qualcomm is best known for making chips used in smartphones, a market that is now slowing," Lee wrote in a Monday note. "However, the company is well positioned for growth in a post smartphone world thanks to its dominant position in supplying chips to autos, its technology strength in radio frequency front end chips, and its penetration of Internet of Things devices." The analyst expanded his coverage of U.S. semiconductor companies, with a heavy presence in Asia, just as the Biden administration announced new limits on selling chips or chip-making equipment to China. Qualcomm is among the U.S. companies with "limited exposure" to those restrictions, the analyst said. Separately, the analyst initiated coverage on Intel and AMD with reduce and hold ratings, respectively. The analyst set a $180 price target on Qualcomm, which is roughly 55.5% upside from Friday's close at $115.74 per share. The stock rose 0.6% in Monday premarket trading. Shares are down 36.7% this year. "We think the stock's valuation is attractive – Qualcomm trades at a 2023e PE of 9x, its historical trough, and below most integrated device manufacturers with significant auto semi exposure," read the note. —CNBC's Michael Bloom contributed to this report.