Joshua Buchalter, an analyst from TD Cowen, maintained the Buy rating on Qualcomm (QCOM – Research Report). The associated price target remains the same with $160.00.
Joshua Buchalter has given his Buy rating due to a combination of factors that reflect Qualcomm’s strategic positioning and growth potential. Despite some investor concerns about near-term challenges, such as the decline in Apple sales and uncertainties in the handset market, Qualcomm has demonstrated resilience by outperforming Street estimates in its QCT businesses. The company’s diversification efforts into the Auto and IoT sectors are progressing well, with significant year-over-year revenue growth in these areas.
Qualcomm’s management is confident in its strategy to reduce reliance on the mobile business, aiming for a balanced revenue split between Auto and IoT by 2029. This strategic shift is supported by growing market share in the Android ecosystem and increasing average selling prices, which are expected to offset some of the impacts from the anticipated decline in Apple’s share. Overall, Qualcomm’s ability to leverage its technology and expand into new markets underpins the positive outlook reflected in the Buy rating.
According to TipRanks, Buchalter is an analyst with an average return of -19.6% and a 14.62% success rate. Buchalter covers the Technology sector, focusing on stocks such as Nvidia, Intel, and Qualcomm.
In another report released yesterday, Mizuho Securities also maintained a Buy rating on the stock with a $190.00 price target.