Qualcomm upgraded to Equal Weight from Underweight at Wells Fargo

Wells Fargo upgraded Qualcomm (QCOM) to Equal Weight from Underweight with a price target of $150, up from $135. The firm thinks details on Qualcomm’s data center strategy and partnership announcements have the potential to drive a positive sentiment shift in the shares. Wells sees a $5B-$7B per year revenue opportunity for Qualcomm in 2027 and beyond from the company’s participation in the $100B-plus AI inference addressable market. The company’s data center opportunity is underappreciated at current share levels, the analyst tells investors in a research note.