Qualcomm (QCOM) PT Raised to $200 at Wolfe Research
Wolfe Research analyst Chris Caso raised the price target on Qualcomm (NASDAQ: QCOM) to $200.00 (from $180.00) while maintaining a Outperform rating.
The analyst comments "Net. QCOM posted an inline MarQ and JunQ guidance (Rev -2% q/q) beat expectations. Unlike SWKS yesterday, QCOM didn’t call out anything unusual with respect to iPhone seasonality. China Android was up 40% y/y in 1H FY24 driven by inventory normalization, which appears to have offset the previously disclosed share loss at Samsung. Looking forward, we’re expecting modest IoT growth (due to inventory normalization and some end demand improvement), and moderate growth in auto (as QCOM ships to their auto pipeline). We think QTL improvement will be dependent on mid-range phone improvement, but think that’s plausible over time if and when end demand normalizes. Our FY25 Rev/EPS estimates move to $42bn/ $10.99, putting the stock at what we feel is a reasonable 15x valuation given potential levers in IoT, auto and QTL, and stability in handset."