Qualcomm (QCOM) has been one of the stocks most watched by Zacks.com users lately. So, it is worth exploring what lies ahead for the stock.
I keep hitting the buy button on Qualcomm (NASDAQ:QCOM | QCOM Price Prediction) because the story I bought into three years ago is finally showing up in the numbers, and the market still prices it like a pure smartphone company, while automotive, IoT, and data center revenue lines tell a different story.
Qualcomm (NASDAQ: QCOM) is paying this year's second quarterly cash dividend next Thursday, June 25.
Qualcomm (QCOM) closed at $214.07 in the latest trading session, marking a -3.05% move from the prior day.
Qualcomm CEO Cristiano Amon said Tuesday that the company is working on over 40 different AI wearable devices — including jewelry, earbuds with cameras, pins, and watches — a sign of how aggressively the chipmaker is betting that the next major computing platform won't be a phone at all.
Qualcomm (QCOM) shares moved higher on Tuesday as investors focused on the chipmaker's expanding artificial intelligence ambitions. Investors also reacted to reports of a potential acquisition and expectations for new details on the company's data-center strategy at an upcoming investor event.
Qualcomm stock has risen 68% in three months ahead of an expected unveiling of its data-center chip plans and it could be lining up an acquisition to bolster its strategy.
Smartphone exposure haunts the stock despite diversifying into cars and data centers.
Qualcomm CEO Cristiano Amon said the company is working on over 40 designs of new AI devices. Amon said these include jewellery, ear buds with cameras in them, pins that people wear and watches.
Shares of Qualcomm Inc NASDAQ: QCOM are doing what they, unfortunately, do best: selling off hard. At one point in the last week, the semiconductor giant traded around $190, after being above $250 just a week earlier.
I rate Qualcomm a buy with a $299 price target, reflecting 42% upside potential from the current level. My main growth drivers are handset normalization, hyperscaler custom silicon, Automotive ADAS and cockpit compute, industrial IoT and physical AI, and continued buybacks. The recent SpaceX IPO has also broadened investor focus to distributed AI infrastructure, enhancing QCOM's strategic relevance in connectivity and low-power AI chips.
Wells Fargo, one of the ‘Big Four Banks,' raised its Qualcomm (NASDAQ: QCOM) stock price target from $160 to $230 on June 12, maintaining an ‘Equal Weight' rating on the shares.