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Research Alert: CFRA Upgrades Opinion On Shares Of Qualcomm Incorporated To Buy From Hold
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Research Alert: CFRA Upgrades Opinion On Shares Of Qualcomm Incorporated To Buy From Hold
May 1, 2024 10:16 PM

12:50 AM EDT, 05/02/2024 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:

We up our 12-month target to $200 from $155 on a revised P/E of 17.8x our CY 25 EPS view of $11.21, within our peer universe but above historical. We raise our FY 24 (Sep.) EPS to $9.92 from $9.66 and FY 25 to $10.91 from $10.48. QCOM posts Mar-Q EPS of $2.44 vs. $2.15, beating the $2.32 consensus. Sales rose a paltry 1% but exceeded expectations. Despite concerns about iPhone unit growth, the trajectory of global handset units is improving (flat to up in CY 24) with 5G phones to grow by 10%. We do think QCOM is benefiting from better China demand, with premium Android devices selling well, while the ramp of Windows AI PCs represents a new growth opportunity. We also like QCOM's growing automotive pipeline ($45B; up from $30B in Sep. '22), with auto to generate +$4B in revenue annually in FY 26. Our upgrade reflects a growing TAM (AI PCs, smartphone content/share gains, autonomous cars, new IoT/industrial uses) that will offer sales diversification as we view QCOM as an on-device AI winner for the long haul.

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