CFRA Upgrades Qualcomm (QCOM) to Buy

CFRA analyst Angelo Zino upgraded Qualcomm (NASDAQ: QCOM) from Hold to Buy with a price target of $200.00 (from $155.00).

The analyst said: "Despite concerns about iPhone unit growth, the trajectory of global handset units is improving (flat to up in CY 24) with 5G phones to grow by 10%. We do think QCOM is benefiting from better China demand, with premium Android devices selling well, while the ramp of Windows AI PCs represents a new growth opportunity. We also like QCOM's growing automotive pipeline ($45B; up from $30B in Sep. '22), with auto to generate +$4B in revenue annually in FY 26. Our upgrade reflects a growing TAM (AI PCs, smartphone content/share gains, autonomous cars, new IoT/industrial uses) that will offer sales diversification as we view QCOM as an on-device AI winner for the long haul."

For an analyst ratings summary and ratings history on Qualcomm click here. For more ratings news on Qualcomm click here.

Shares of Qualcomm closed at $164.11 yesterday.

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