Analysts bumped up their price targets on Qualcomm Inc (NASDAQ:QCOM) post Q1 beat and Q2 outlook.
- Citi analyst Christopher Danely raised the price target to $190 from $180 and reiterated a Neutral.
- The analyst notes company posted results and guidance above consensus due to its handset business segment strength.
- However, he maintains a Neutral rating on the shares, citing "secular headwinds."
- Susquehanna analyst Christopher Rolland raised the price target to $190 from $175 and kept a Neutral rating.
- The analyst notes demand continues to exceed supply, but management continues to expect incremental improvements to supply over the course of the year.
- He specifies management highlighted the September quarter as the next inflection point for growth as more flagships launch across several major OEMs.
- Mizuho analyst Vijay Rakesh raised the price target to $210 from $195 (13% upside) and kept a Buy.
- The analyst notes the company guided to a strong March quarter despite supply constraints. Rakesh sees Qualcomm as well-positioned for a multi-year 5G rollout.
- KeyBanc analyst John Vinh raised the price target to $230 from $220 (24% upside) and kept an Overweight.
- While management did temper Q3 expectations, fiscal 2022 is tracking well above Qualcomm's prior outlook of 20% EPS growth, the analyst mentions.
- Canaccord analyst T. Michael Walkley raised the price target to $250 from $225 and kept a Buy.
- JPMorgan analyst Samik Chatterjee raised the price target from $225 to $240 (29% upside) and kept an Overweight.
- Raymond James analyst Chris Caso raised the price target from $190 to $222 (19% upside) and maintained a Strong Buy rating.
- Price Action: QCOM shares traded higher by 0.79% at $189.68 on the last check Thursday.
