📖 Your Q2 Earnings Guide: Discover the Stocks ProPicks AI Highlights to Jump Post-EarningsRead more

Rosenblatt raises Qualcomm shares target by $40

EditorAhmed Abdulazez Abdulkadir
Published 05/21/2024, 07:39 AM
© Reuters.

On Tuesday, Rosenblatt Securities increased its price target for Qualcomm Inc . (NASDAQ: NASDAQ:QCOM) shares to $240, up from the previous figure of $200. The firm has reaffirmed its Buy rating on the stock.

The revision arrives as Qualcomm is recognized for its advancements in artificial intelligence (AI) and its application across various sectors, including smartphones, PCs, automobiles, and IoT devices.

The endorsement from Rosenblatt follows Qualcomm's recent developments, particularly in the realm of Arm-based central processing units (CPUs) for personal computers. The analyst from Rosenblatt anticipates Qualcomm will soon be at the forefront of market share expansion in the PC market, buoyed by Microsoft (NASDAQ:MSFT)'s backing.

This week, Qualcomm made several key announcements ahead of the Microsoft Build developer conference, scheduled from May 21-23. These announcements are seen as favorable for Qualcomm's stock performance, suggesting potential growth and increased investor confidence.

Rosenblatt's adjusted earnings estimates for Qualcomm reflect a positive outlook on the company's ability to lead in delivering AI and next-generation AI technologies to network edge applications. The firm's analysis suggests that Qualcomm's strategic positioning and partnerships, such as with Microsoft, could propel the company to new heights in the competitive tech landscape.

The price target increase to $240 reflects Rosenblatt's confidence in Qualcomm's future performance and its potential to capitalize on the opportunities presented by AI and Arm-based CPU market share gains.

InvestingPro Insights

As Qualcomm (NASDAQ: QCOM) garners attention for its strides in AI and the CPU market, current InvestingPro data and insights offer a deeper look into the company's financial health and market position. With a robust market cap of $220.7 billion and a P/E ratio of 26.41, Qualcomm shows significant market valuation. The company's revenue stands at $36.41 billion over the last twelve months as of Q2 2024, although it has experienced a revenue decline of 11.35% during the same period. Despite this, Qualcomm's gross profit margin remains strong at 55.81%, underscoring its profitability in generating income relative to the costs.

InvestingPro Tips highlight Qualcomm's consistent shareholder returns, with the company raising its dividend for 22 consecutive years, signaling a reliable income stream for investors. Additionally, Qualcomm's stock has seen a remarkable year-to-date price total return of 37.43%, with analysts revising their earnings upwards for the upcoming period, reflecting optimism in its future earnings potential. These metrics, coupled with a high return over the last year of 91.62%, paint a picture of a company with a strong performance track record.

Investors seeking more insights can find additional InvestingPro Tips on Qualcomm's financial health and market potential by visiting https://www.investing.com/pro/QCOM. To enhance your investment strategy with these insights, use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription. With 17 additional tips available on InvestingPro, investors can gain a comprehensive understanding of Qualcomm's market position and make informed decisions.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.