Qualcomm price target raised to $160 from $140 at Citi

Citi raised the firm’s price target on Qualcomm (QCOM) to $160 from $140 and keeps a Neutral rating on the shares following the fiscal Q2 report. The shares rallied post earnings on news of a hyperscale data center customer ramping a custom silicon solution in December and expectations that Chinese handset sales should bottom in fiscal Q3, the analyst tells investors in a research note. Citi wants to see more evidence of Qualcomm’s data center sales and agentic AI adoption before recommending the shares.