Analyst Samik Chatterjee from J.P. Morgan maintained a Buy rating on Qualcomm and increased the price target to $200.00 from $190.00.
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Samik Chatterjee has given his Buy rating due to a combination of factors that indicate a favorable outlook for Qualcomm. The company’s shares have underperformed relative to the S&P 500, which suggests that investor expectations are currently low, providing a low bar for upcoming earnings announcements. Despite the anticipated loss of revenue from Apple, Qualcomm’s diversification strategy is expected to demonstrate resilience, particularly with its expansion into areas such as Datacenter, Autos, and IoT, which are likely to drive growth outside of the smartphone market.
Chatterjee also forecasts that Qualcomm’s revenues and earnings will surpass current guidance, driven by strong performance across its business segments. Specifically, he anticipates higher-than-expected growth in Handset, Automotive, and IoT revenues, which will contribute to robust overall financial results. The company’s technology leadership in areas like Edge computing and AI, alongside a strategic shift towards non-smartphone markets, supports the potential for long-term re-rating of its shares. Consequently, Chatterjee has raised the price target for December 2026, reflecting confidence in Qualcomm’s earnings growth trajectory.
According to TipRanks, Chatterjee is a 5-star analyst with an average return of 13.0% and a 63.84% success rate. Chatterjee covers the Technology sector, focusing on stocks such as Apple, Coherent Corp, and Qualcomm.
In another report released today, Bernstein also maintained a Buy rating on the stock with a $185.00 price target.