Qualcomm analyst day left BofA ‘upbeat’ on market positioning, long-term targets

After having attended Qualcomm’s (QCOM) analyst day, which focused on diversification away from handsets into other semiconductor strategies across automotive, PC and IoT, BofA walked away “upbeat given Qualcomm’s strong market positioning and long-term revenue targets,” which suggest healthy growth potential across new segments, the analyst tells investors. Two questions remain, however, namely the timing of new segments ramping into revenue contribution, and the sustainability of near-term growth as recent strength has been mostly supported by onetime benefits, adds the firm, which maintains its Buy rating and $245 price target on Qualcomm shares.