Qualcomm (QCOM) PT Raised to $195 at Mizuho Securities Following Bullish Analyst Day

Mizuho Securities analyst Vijay Rakesh raised the price target on Qualcomm (NASDAQ: QCOM) to $195.00 (from $170.00) while maintaining a Buy rating following today's Analyst Day.

The analyst commented, "We believe QCOM continues to execute well as it laid out a strong 5G and connectivity roadmap with solid QCT growth at a mid-teens% CAGR '21-'24 despite some investor concerns on loss of Apple as it takes iPhone components in-house.

QCOM noted all QCT segments growing at a 12% or better CAGR through F24E with not only handset markets, but also strong growth in IoT, RFFE and automotive with its Snapdragon line products and upcoming Veoneer/Arriver acquisition, and key QCT operating margins at 30%."

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