Analysts Bump Up Qualcomm Price Targets Post Analyst Day

Following its analyst day announcements, analysts bumped their price targets on Qualcomm Inc QCOM.
Mizuho analyst Vijay Rakesh raised the PT to $195 from $170, implying a 7.3% upside, and affirmed a Buy.
The analyst believes Qualcomm continues to execute well, saying it laid out a "strong" 5G and connectivity roadmap with "solid" QCT growth at a mid-teens percent annually through 2024 despite some investor concerns about the loss of Apple Inc AAPL.
KeyBanc analyst John Vinh raised the PT to $210.00 from $185.00, implying a 15.5% upside while maintaining an Overweight.
The analyst notes that at its analyst event, Qualcomm derisked concerns about Apple, indicating its share of the 2023 iPhone would decline to 20% and would exit fiscal 2024 at a low-single-digit percentage of QCT revenues, yet expects handsets to still grow at the industry three-year CAGR of 12%, as Android is expected to grow faster and offset.
Qualcomm pointed out it has secured multiyear chip agreements over the next two years with all handset OEMs, Vinh adds.
The analyst also highlights that auto revenues will likely grow to $3.5 billion, anchored by critical wins at General Motors Co GM and Bayerische Motoren Werke AG BMWYY.
Piper Sandler analyst Harsh Kumar raised the PT to $225 from $190, implying a 23.8% upside, and reiterated an Overweight.
At its analyst day, management unveiled the "new Qualcomm" based on a stable and growing mobile business with outsized growth in automotive and the internet of things.
The analyst says this transformation takes the company from a mobile focus to new areas that can drive a mid-teens QCT growth rate on a long-term, sustainable basis.
Qualcomm remains his top large-cap pick.
Susquehanna analyst Christopher Rolland raised the PT to $175 from $157, implying a 3.7% downside, and maintained a Neutral.
The analyst cited its analyst day presentation where the company outlined an aggressive growth plan with solid revenue and SAM growth.
His raised target reflects higher growth expectations.
Deutsche Bank analyst Ross Seymore raised PT to $210 from $190 and kept a Buy.
The company yesterday "laid out an impressive roadmap of accelerated and diversified growth, further bolstered by a wide array of customer testimonials."
The company's "impressive" financial targets are "significantly de-risking" by removing 80% of Apple in fiscal 2024, albeit with no certainty that the business will indeed be lost by that much that soon.
Qualcomm expects to have 20% of iPhone modem chip shipments for the iPhone 2023 launch.
Qualcomm CEO sees the addressable market growing from $100 billion to $700 billion as more devices become intelligently connected.
Price Action: QCOM shares traded lower by 0.06% at $181.7 in the premarket session on the last check Wednesday.

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