#6 - Qualcomm (NASDAQ:QCOM)
The bullish case for Qualcomm inc. (NASDAQ: QCOM) is linked to Apple Inc. (NASDAQ: AAPL). That’s because, in a move that surprised some investors, Apple announced that Qualcomm will continue to provide chips for the iPhone through 2026. That’s two years longer than previously expected.
With that in mind, it’s not surprising that QCOM stock bounced higher after Apple’s worldwide developer conference (WWDC) in June 2024. Investors became enthusiastic that “Apple Intelligence” will ignite a new super cycle for the iPhone.
Qualcomm supplies chips for other smartphone manufacturers as well. Counterpoint Research estimates the company will capture approximately 80% of the emerging generative AI smartphone market for the next two years.
QCOM stock is up 70.7% in the 12 months ending June 12, 2024, and up 44% in 2024. So, at $214 a share as of this writing, is Qualcomm still a buy? The analyst forecasts on MarketBeat show that firms are starting to bid the stock higher, with Bank of America setting the highest price target of $245.
About QUALCOMM
QUALCOMM Incorporated engages in the development and commercialization of foundational technologies for the wireless industry worldwide. It operates through three segments: Qualcomm CDMA Technologies (QCT); Qualcomm Technology Licensing (QTL); and Qualcomm Strategic Initiatives (QSI). The QCT segment develops and supplies integrated circuits and system software based on 3G/4G/5G and other technologies for use in wireless voice and data communications, networking, computing, multimedia, and position location products.
Read More - Current Price
- $169.74
- Consensus Rating
- Moderate Buy
- Ratings Breakdown
- 14 Buy Ratings, 11 Hold Ratings, 1 Sell Ratings.
- Consensus Price Target
- $209.38 (23.4% Upside)
