Qualcomm (QCOM) PT Raised to $185 at Piper Sandler

Piper Sandler analyst Harsh Kumar raised the price target on Qualcomm (NASDAQ: QCOM) to $185.00 (from $165.00) while maintaining a Overweight rating.

The analyst comments "QCOM reported solid results nicely beating street expectations and also coming out ahead on the guidance for June. In the March quarter, QCOM largely benefitted from strength in the premium Android handset market while continuing to maintain its share with Apple. We also believe that QCOM may have taken some share in the RF with the current generation of handset modems. We believe that the June quarter will be the low point for revenues in the current fiscal year with September 2024 quarter showing meaningful improvement seasonally. The company also saw tremendous strength in its other business including automotive as well as IoT which are both growing nicely. QTL continues to benefit from modest upticks in handset units. We remain fans of QCOM and reiterate OW rating. PT to $185."

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