Qualcomm (QCOM) PT Raised to $180 at Cowen; Best Idea for 2021

Cowen analyst Matthew Ramsay raised the price target on Qualcomm (NASDAQ: QCOM) to $180.00 (from $170.00) while maintaining an Outperform rating and named it a Best Idea for 2021.

The analyst commented, "Qualcomm now represents a clean story ... as we believe the industry’s premier 5G pure-play is well positioned for the C'21/'22 global 5G volume ramp. We model material upside to F'21/'22 consensus driven by expanding 5G share/ASPs (global and China), RF content growth, and strong 5G iPhone units ... with still conservative RF/Auto/IoT assumptions in our F'22 estimates. Outperform, PT to $180."

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