Qualcomm price target raised to $140 from $120 at Piper Sandler

Piper Sandler analyst Harsh Kumar raised the firm’s price target on Qualcomm (QCOM) to $140 from $120 and keeps an Overweight rating on the shares. Results and guidance “largely were unimpressive,” but the firm feels that Qualcomm is “adequately maneuvering” through handset unit and global excess inventory headwinds and must do so before growth can resume. The firm is modeling for growth in the December quarter as it thinks the Apple (AAPL) ramp will hit in conjunction with a seasonal Android quarter, adding that it is “confident in saying” that Qualcomm does not appear to be losing share and may be in a position to show meaningful growth in the second half of FY24.