Qualcomm (QCOM) has unveiled a new purpose-built platform for gamers. Snapdragon G3x Gen 1 Gaming is the new platform designed to run Android games. Additionally, it is well-equipped to play content from cloud gaming libraries and to stream games. Despite the new release, QCOM shares fell 2.36% to close at $175.63 on December 1.
Qualcomm is a U.S. company specializing in wireless telecommunications products and services used to power mobile devices and other wireless products. The company focuses on bringing mobile to various industries, such as the automotive industry.
Qualcomm Gaming Platform
The platform is designed to enable a unique gaming experience while on the go. It leverages a good chunk of Snapdragon Elite Gaming technologies, thus enabling the creation of a category focused on enabling customized gaming products. (See Top Smart Score Stocks on TipRanks)
To showcase its new product, Qualcomm partnered with a global leader in gaming hardware, Razer, to build a handheld gaming developer kit. The kit is already available to developers.
Together, Qualcomm and Razer intend to spearhead the development of new and innovative solutions that push the boundaries in the gaming industry while transforming gamers’ experience.
Last month, UBS analyst Timothy Arcuri reiterated a Hold rating on the stock and increased the price target to $185 from $160, implying 5.34% upside potential to current levels.
Consensus among analysts is a Moderate Buy, based on 13 Buys and 8 Holds. The average Qualcomm price target of $194.61 implies 10.81% upside potential to current levels.
According to TipRanks’ Smart Score, Qualcomm is a “Perfect 10”, meaning it is expected to outperform the market.