Qualcomm (QCOM) PT Raised to $205 at Piper Sandler

Piper Sandler analyst Harsh Kumar raised the price target on Qualcomm (NASDAQ: QCOM) to $205.00 (from $185.00) while maintaining a Overweight rating.

The analyst commented, "QCOM reported June quarter results and September guidance that exceeded expectations on both revenue and EPS. The outperformance looks to be driven by strength coming from Android as well as the upcoming ramp with QCOM's modem only customer. We note that the September quarter will have an extra week which will offset the earlier than expected revoking of QCOM's license to sell to Huawei. We note that prior expectations called for the license to expire closer to the end of the year. Additional highlights in the quarter included strong growth out of the automotive business, however the segment was guided flat sequentially for September. In AI PCs, management maintained that its initial ramp is going well and expectations are currently for >50% of all PCs to be AI capable by 2027. We continue to view QCOM as well-positioned across each of its segments. Reiterate OW, PT to $205."

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