Qualcomm (QCOM) PT Raised to $108 at JPMorgan, Adds to Analyst Focus List

JPMorgan analyst Samik Chatterjee raised the price target on Qualcomm (NASDAQ: QCOM) to $108.00 (from $100.00) while maintaining a Overweight rating.

The analyst comments "We are adding QCOM shares to the Analyst Focus List as a Growth pick ahead of F3Q (June-end) earnings led by the dislocation of the valuation relative to potential earnings upside on volume and content ramp in 5G smartphones, particularly as the smartphone industry backdrop turns incrementally positive with expectations for stronger demand in 2H20 accompanied by upside to 5G volume expectations (outlined in a separate report today). Based on our conversations with investors, we see continuing concerns relative to 5G smartphone volume outlook as well as competitive dynamics in both baseband and RFFE limiting earnings multiple on the shares. Heading into F3Q earnings, we see upside to near-term consensus estimates for QCOM from stronger 5G smartphone outlook and expect execution on the 5G content and volume ramp to improve investor confidence on the earnings opportunity and drive re-rating in the shares."

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