Bernstein raised the firm’s price target on Qualcomm to $160 from $145 and keeps an Outperform rating on the shares. The analyst says 2024 for the semiconductors and semicap equipment space will “interesting.” It seems likely to reflect a return to growth, with consensus estimates for most companies reflecting higher revenues, in some cases materially so, the analyst tells investors in a research note. However, the stocks themselves already appear to anticipate this, contends Bernstein.
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