Qualcomm price target raised to $205 from $180 at KeyBanc

KeyBanc analyst John Vinh raised the firm’s price target on Qualcomm (QCOM) to $205 from $180 and keeps an Overweight rating on the shares following quarterly supply chain findings. The firm sees positive implications given high-end/flagship smartphone demand still strong; Qualcomm gaining market share from Mediatek in mid-range; likely to regain 100% market share in next year’s Samsung (SSNLF) GS25; while Microsoft (MSFT) is cutting back on plans for Oryon, AI ARM PCs still represent an incremental opportunity for Qualcomm this year as customer feedback has been positive; and Qualcomm still receiving additional orders from Huawei for 4G APs given foundry capacity constraints. KeyBanc increasingly sees an opportunity for Qualcomm to rerate, as the company is well positioned to benefit from AI at the edge in both PCs and smartphones.