JPMorgan Sees Sharp Upside In Qualcomm, Thanks To Apple

February 1, 2022 5:32 AM | 1 min read | Make a Comment

JPMorgan analyst Samik Chatterjee reiterated an Overweight rating on Qualcomm Inc QCOM with a $225 price target, ahead of the company's fiscal Q1 results. The price target implies an upside of 28%.
The analyst sees a favorable setup saying Apple Inc's AAPL print points to solid demand for Qualcomm's largest customer.
The combination of supply chain easing, share gains with android customers, favorable pricing trends, as well as growth drivers from non-smartphone end-markets will enable Qualcomm to deliver above-seasonal and better than expected revenue in fiscal Q2.
He believes the shares are positioned as a top pick "with earnings upside and inexpensive valuation."
Price Action: QCOM shares traded lower by 0.18% at $175.45 in the premarket session on the last check Tuesday.