Qualcomm (QCOM – Research Report), the Technology sector company, was revisited by a Wall Street analyst today. Analyst Cody Acree from Benchmark Co. reiterated a Buy rating on the stock and has a $240.00 price target.
Maximize Your Portfolio with Data Driven Insights:
- Leverage the power of TipRanks' Smart Score, a data-driven tool to help you uncover top performing stocks and make informed investment decisions.
- Monitor your stock picks and compare them to top Wall Street Analysts' recommendations with Your Smart Portfolio
Cody Acree has given his Buy rating due to a combination of factors that underscore Qualcomm’s strong financial performance and future potential. The company reported a robust December quarter with record revenues of $11.7 billion, significantly surpassing market expectations and demonstrating substantial growth across its smartphone, IoT, and automotive segments. Qualcomm’s chipset business also achieved notable success, with sales exceeding guidance and strong year-over-year revenue increases in key areas.
Furthermore, Qualcomm’s outlook for the upcoming quarters remains positive, with expectations of continued growth driven by strategic partnerships and product innovations, particularly in the handset and automotive sectors. The company’s ability to secure long-term licensing agreements with major Chinese OEMs and its exclusive supply arrangement for Samsung’s Galaxy S25 smartphones further strengthens its market position. These factors, coupled with the potential for increased market share and AI-driven opportunities, support Acree’s reiterated Buy rating and a price target of $240.
In another report released today, Barclays also maintained a Buy rating on the stock with a $185.00 price target.