Qualcomm Intros New Snapdragon Processors, Leverages Industry Expertise

Argus reiterated its rating and increased the price target on QUALCOMM, Inc. (NASDAQ: QCOM) following the release of its Snapdragon processors. These processors, the firm noted, are meant for embedded applications in multiple verticals addressing embedded computing and the Internet of Things.

Leveraging Successfully

Argus believes the company is leveraging its industry-leading expertise in mobility to introduce solutions beyond smartphones. To support its belief, Argus noted that the company is working with automotive OEMs and healthcare companies to deploy its advanced mobility and connectivity solutions in vehicles, healthcare equipment, etc.

Related Link: Evercore Rumors Of Qualcomm Buying NXP Semiconductors Could Be "Very Real"

Rating Action

Argus reiterated its Buy rating on the shares of Qualcomm, while it raised its price target to $73 from $70.

At the time of writing, Qualcomm shares were up 5.03 percent on the day at $66.60.

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