Citi raised the firm’s price target on Qualcomm (QCOM) to $175 from $170 and keeps a Neutral rating on the shares. The company announced two products for artificial intelligence and a deal with Saudi Arabia’s AI enterprise Humain o supply it with up to 200 megawatts of capacity, the analyst tells investors in a research note. Citi estimates the deal represents a $1.0B in sales and 25c earnings per shared opportunity for Qualcomm. The firm attributes the stock’s rally yesterday to a “short squeeze” and doubts the company will be successful in AI given that it is “several years behind” AMD (AMD) and Nvidia (NVDA).
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