Qualcomm (QCOM) PT Raised to $170 at Mizuho Securities
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Mizuho Securities analyst Vijay Rakesh raised the price target on Qualcomm (NASDAQ: QCOM) to $170.00 (from $163.00) while maintaining a Buy rating.
The analyst commented, "QCOM reported in-line DecQ rev/EPS of $8.2B/$2.17 and guided to a strong MarQ at $7.6B/$1.65 with top line ~8% above consensus, strong QCT chip up over 40% y/y, but high-margin licensing QTL soft q/q, driving SOFT 300bps lower MarQ GMs with handset and QTL mix. But QCOM noted strong chip QCT revenues up 40% y/y, while key adjacencies with Automotive Telematics and RF up 44% and 100% y/y. While QCOM is at a decade high, and near-term margin outlook is soft, we believe it dominates 5G handsets with Snapdragon leadership, RF, Automotive telematics and a QTL licensing rebound, with all major global handset OEMs licensed. Maintain Buy, raise estimates and PT to $170 (prior $163)."
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