TECH - Qualcomm's Soaring Success with iPhone Modem Deal - Analyst Eyes Higher Valuation | Benzinga
Piper Sandler analyst Harsh V. Kumar reiterates an Overweight rating on Qualcomm Inc (NASDAQ:QCOM) with a price target of $165.
Kumar maintained that QCOM is a premier tech play across its business lines as Internet-of-Things (IoT) revenues will likely increase in March following the bottom in the December quarter, coupled with robust opportunities in the company’s automotive segment.
Kumar noted that the IoT business in the longer term could ultimately provide Qualcomm with $1.5 billion+ in quarterly revenues further down the line as more industrial-edge devices come online.
The analyst noted that Qualcomm’s automotive business exiting fiscal 2024 is up ~30% Y/Y. Additionally, his projections see the auto segment exiting fiscal 2025 with $3 billion in annual revenues, well on track to meet management’s expectations.
The analyst wanted to clarify misconceptions ...