Bank of America Securities analyst Tal Liani has reiterated their bullish stance on QCOM stock, giving a Buy rating yesterday.
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Tal Liani’s rating is based on Qualcomm’s strong performance in non-handset segments, particularly in the automotive and IoT sectors, which have shown impressive growth rates. The company’s diversification strategy is paying off, with non-handset revenues now making up a significant portion of QCT revenues and expected to continue growing in the coming years.
Despite some challenges in the handset market, particularly in China, Qualcomm’s strong guidance for the next quarter suggests a recovery in handset revenues. Additionally, Qualcomm’s initiatives in data center solutions present a promising growth opportunity, with potential leadership in CPU and NPU technologies. These factors contribute to a positive outlook for Qualcomm, justifying the Buy rating and a price objective of $200.
According to TipRanks, Liani is a 5-star analyst with an average return of 9.7% and a 57.58% success rate. Liani covers the Technology sector, focusing on stocks such as Qualcomm, Fortinet, and Palo Alto Networks.
In another report released yesterday, TD Cowen also maintained a Buy rating on the stock with a $185.00 price target.