Qualcomm shares dropped 8% ahead of its Investor Day, but a 24/7 Wall St. price target of $278.13 signals 36.25% upside over the next 12 months with 90% confidence. The bullish case rests on record automotive revenue of $1.33 billion, up 38% year-over-year, combined automotive and IoT growth of 20%, and a fresh $20 billion buyback authorization. Handset revenue fell 13% year-over-year, yet the company has posted eight straight quarters of earnings per share beats. JPMorgan raised its target to $265, expecting significant data center revenue targets to be revealed at the Investor Day, while Bank of America reiterated an Underperform rating citing hyper-competition in the AI data center market.
Qualcomm Incorporated24/7 Wall St. set a $278 price target implying 36% upside, and Qualcomm announced a $20 billion buyback authorization.
Bank of America Corp
JPMorgan Chase & Co