Evercore ISI initiated coverage of Qualcomm with an In Line rating and $177 price target. On the negative side, the firm views it as “a Cellphone Era play” with limited unit growth potential with about 80% of Qualcomm’s revenues from handset markets via licenses and chipsets. However, on the positive side, Qualcomm has been among IoT processing vendors and is looking to expand the total addressable market by offering processing solutions to new markets such as Automotive, IoT and PC, adds the firm, which looks to get more constructive with visibility into success in these emerging markets.
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