Mizuho Securities analyst Vijay Rakesh has maintained their bullish stance on QCOM stock, giving a Buy rating yesterday.
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Vijay Rakesh’s rating is based on Qualcomm’s strong financial performance and strategic positioning. The company demonstrated a robust quarterly guidance, outperforming expectations with significant contributions from its QCT segment, despite some seasonal weaknesses in the handset market. Notably, Qualcomm is seeing growth in the automotive sector, with a 61% year-over-year increase attributed to content gains in new vehicle launches, and its Digital Chassis initiative is gaining traction.
Furthermore, Qualcomm’s strategic initiatives in the PC market are yielding positive results, with increasing market share and a strong push into AI technologies. The company is well-positioned to offset potential losses in the Apple segment by capitalizing on rising demand from Chinese OEMs and expanding its presence in the Internet of Things (IoT) and automotive markets. With these factors in mind, Qualcomm is expected to maintain its momentum, prompting Rakesh to uphold a Buy rating with a price target of $215.
In another report released yesterday, TD Cowen also maintained a Buy rating on the stock with a $195.00 price target.