Qualcomm price target raised to $200 from $170 at Bernstein

Bernstein raised the firm’s price target on Qualcomm to $200 from $170 and keeps an Outperform rating on the shares. While Generative AI has been the talk of the town for more than a year, the potential of AI at the edge is now gaining momentum as both companies and investors start to think through how these new technologies might ultimately get deployed to the masses, the firm says. Bernstein believes Qualcomm can potentially take center stage with that narrative as it leverages a heterogeneous computing architecture to run AI applications on edge, coupled to a well-thought-out ecosystem strategy with full-stack software including frameworks and runtimes, libraries, system software, broad OS support, and developer tools. The firm continues to like the story.