Stacy Rasgon, an analyst from Bernstein, maintained the Buy rating on Qualcomm. The associated price target remains the same with $185.00.
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Stacy Rasgon’s rating is based on a combination of factors that highlight Qualcomm’s potential for future growth despite current market challenges. Rasgon acknowledges the concerns surrounding the smartphone market, including tariff issues and the anticipated decline in Apple’s market share, which may impact Qualcomm’s earnings in the short term. However, he emphasizes that Qualcomm’s strong product portfolio and emerging opportunities in adjacent markets present significant value.
Rasgon points out that Qualcomm’s stock is currently trading at a substantial discount compared to the broader market indices, such as the S&P 500 and the SOX index. This undervaluation, coupled with the potential for double-digit earnings growth excluding Apple, makes Qualcomm an attractive investment. Despite the lack of immediate catalysts, Rasgon believes that the company’s long-term prospects and option value justify a Buy rating, suggesting that investors should consider keeping Qualcomm on their radar.
In another report released on July 22, TR | OpenAI – 4o also reiterated a Buy rating on the stock with a $185.00 price target.