Bernstein analyst Stacy Rasgon maintained a Buy rating on Qualcomm (QCOM – Research Report) today and set a price target of $185.00.
Stacy Rasgon has given his Buy rating due to a combination of factors surrounding Qualcomm’s recent performance and future prospects. The company’s FQ225 results were strong, with revenues and earnings per share surpassing market expectations, driven by robust performance in its QCT segment across various sectors like handsets, automotive, and IoT. Despite some minor underperformance in QTL revenues, the overall financial health of Qualcomm remains solid.
Additionally, Qualcomm’s guidance for FQ325 appears optimistic, with expectations of continued strength in handsets and IoT, and a notable year-over-year increase in automotive revenues. While there are some concerns about tariffs and macroeconomic uncertainties, management’s proactive approach and strategic buybacks demonstrate confidence in the company’s valuation. Rasgon also highlights the long-term potential of Qualcomm’s product portfolio and its resilience against known headwinds, such as those from Apple, reinforcing the Buy recommendation.
In another report released today, Mizuho Securities also maintained a Buy rating on the stock with a $190.00 price target.