For chip stock Qualcomm (NASDAQ:QCOM), big ambitions are the order of the day. And it’s recently offered up some insight into how it means to make those big ambitions a reality. Investors, meanwhile, are quietly optimistic and gave Qualcomm shares a fractional boost at the time of writing. Qualcomm expects to pull in $4 billion in revenue by the end of this year from just one sector. And, by the end of the decade, that figure will more than double to $9 billion if all goes as planned. The sector of choice for Qualcomm? Connectivity in cars.
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Currently, Qualcomm is showing off its Snapdragon Cockpit Experience Toolkit, along with the work it’s done previously, as a way to demonstrate how it plans to improve vehicle connectivity and user experience. That’s helped Qualcomm branch out from merely powering smart devices to having a real shot at those multi-billion returns.
A Growing Product Line
It shouldn’t be much of a surprise that Qualcomm would want to branch out, but a look at how much might be. In fact, reports from Axios noted Qualcomm recently knocked IBM (NYSE:IBM) out of its slot on the overall patent list. Now, Qualcomm has the second-most patents of any corporation in the United States, second only to Samsung. This is also the first time in 30 years that a company has managed to achieve more patents than IBM, which makes Qualcomm a real potential up-and-comer, even if it already has substantial name recognition behind it.
Is Qualcomm a Buy, Sell, or Hold?
Turning to Wall Street, analysts have a Moderate Buy consensus rating on QCOM stock based on 13 Buys, five Holds, and one Sell assigned in the past three months, as indicated by the graphic below. After a 22.57% rally in its share price over the past year, the average QCOM price target of $143.18 per share implies 2.38% upside potential.
