Qualcomm price target raised to $220 from $170 at Melius Research

Melius Research raised the firm’s price target on Qualcomm (QCOM) to $220 from $170 and keeps a Hold rating on the shares. While stating that “nothing really emerged as incrementally good from Trump going to China,” the analyst feels “incrementally good” about memory and AI semiconductor makers, raising long-term estimates and targets for all of the firm’s Buy-rated “bottleneck stocks, including Micron (MU), Sandisk (SNDK), AMD (AMD), Intel (INTC), and Marvell (MRVL), as well as Hold-rated Qualcomm. The firm continues to believe that semis take market cap, or at least upside, from traditional software companies and non-semis in the Mag 7 long-term, the analyst added.