Qualcomm price target raised to $175 from $150 at RBC Capital

RBC Capital raised the firm’s price target on Qualcomm (QCOM) to $175 from $150 and keeps a Sector Perform rating on the shares. The company’s Q3 outlook was well short of consensus and the firm is attributing the stock’s post-earnings rally to the management’s commentary that Q3 is likely the bottom for China handset builds and, more importantly, the announcement of a custom silicon win at a major hyperscaler, with shipments set to start this December, the analyst tells investors in a research note.