Qualcomm price target raised to $175 from $170 at Wells Fargo

Wells Fargo analyst Aaron Rakers raised the firm’s price target on Qualcomm (QCOM) to $175 from $170 and keeps an Underweight rating on the shares. The firm notes the company delivered better-than-expected Q4 results plus Q1 2025 guide. However, Wells thinks key tenets of its relative Underweight rating remain unchanged, namely a cautious stance on AI PC ramp with increasing competition, Apple (AAPL) 5G modem concern and Arm (ARM) license dispute.