Qualcomm initiated with a Neutral at Cantor Fitzgerald

Cantor Fitzgerald initiated coverage of Qualcomm with a Neutral rating and $150 price target. The firm expects Qualcomm to be a leader at the edge for artificial intelligence, though suspects use cases are unlikely until the 2025-2026 time frame. The company’s smartphone exposure continues to be the dominant driver for the stock near term, and Cantor do not expects Arm PCs “to move the needle over the near to medium term,” the analyst tells investors in a research note.