Qualcomm price target raised to $200 from $175 at Piper Sandler

Piper Sandler analyst Harsh Kumar raised the firm’s price target on Qualcomm (QCOM) to $200 from $175 and keeps an Overweight rating on the shares. The firm notes the company delivered a significant beat of roughly $500M in the September quarter and also guided up for the December quarter by a similar magnitude. Piper feels that Qualcomm is able to mitigate concerns around its largest customer, supported by stronger traction within the Android base, particularly through higher content to increase in AI in computing cores.