Bank of America Securities analyst Tal Liani has reiterated their bullish stance on QCOM stock, giving a Buy rating today.
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Tal Liani gave his rating based on several factors, highlighting Qualcomm’s strong performance across various segments. The company showed impressive revenue growth, particularly in its semiconductor division, QCT, which saw significant increases in its Smartphone, Auto, and IoT segments. Despite concerns over the sustainability of demand from China and Samsung, Qualcomm’s ability to lead in smartphone technology and diversify into automotive and compute markets is evident.
Tal Liani also notes the company’s robust growth in the IoT and automotive sectors. The IoT segment benefited from the successful launch of ARM-based laptops, defying market concerns about compatibility issues. Furthermore, Qualcomm’s automotive segment experienced substantial growth as cars become more connected and digitized. This sustained demand and diversification into various high-growth sectors underpin the Buy rating and the unchanged price objective of $245.
In another report released today, Bernstein also maintained a Buy rating on the stock with a $215.00 price target.