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Goldman Sachs Upgrades Qualcomm (QCOM) to Neutral

FREE Breaking News Alerts from StreetInsider.com!

StreetInsider.com Top Tickers, 7/19-2021


July 19, 2021 04:13 EDT

(Updated – July 19, 2021 4:34 AM EDT)

Goldman Sachs analyst Rod Hall has upgraded Qualcomm (NASDAQ:QCOM) from sell to neutral with a price target of $148.00 (from $136.00).

The analyst notes, “We are upgrading Qualcomm to Neutral as we believe the company is poised to take advantage of multiple headwinds in the second half of the month, including an earlier iPhone launch and an improvement in its supply situation. We are increasing our handsets segment estimates to reflect both updated handset market expectations, including the move of Huawei stock to Qualcomm. We are also increasing our RFFE estimates as a result of mmWave revenue contribution growth, although we note that we already expected some increase. Note that we do not currently anticipate material mmWave adoption in China and Europe in our forecast period through FY ’23. Although weak trends in While handset shipments in China may pose a downside risk to our royalty estimates, we see Qualcomm likely to see strong chip numbers. Shares in the second half of this calendar year driven by higher iPhone builds and greater availability of TSMC capacity Since we added QCOM to the Americas Sell List on April 16, 2020, shares are up 82% against the S&P 500 by 55%. In our view, Qualcomm’s licensing deal with Huawei and stronger RFFE performance likely fueled this outperformance. However, the stock has underperformed since the beginning of this year as mobile phone market data confirmed our more cautious stance on that market. Our 12-month price target rises to $148 in line with our EPS forecast changes.”

Click here for a summary of analyst ratings and the history of ratings on Qualcomm. Click here for more Qualcomm ratings news.

Shares of Qualcomm closed yesterday at $139.71.


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