Goldman Sachs Upgrades Qualcomm To Neutral, Increased Price Target Signifies 6% Upside

Goldman Sachs Upgrades Qualcomm To Neutral, Increased Price Target Signifies 6% Upside
  • Goldman Sachs analyst Rod Hall upgraded Qualcomm Inc QCOM to Neutral from Sell with a price target of $148, up from $136, implying a 5.93% upside.
  • Qualcomm is poised to benefit from multiple tailwinds in the second half of 2021, including an earlier Apple Inc's AAPL iPhone launch and improving supply situation, Hall believes.
  • He raised the company's handsets segment estimates to reflect updated handset market expectations, including Huawei Technologies Co, Ltd's share shift to Qualcomm. 
  • Hall sees Qualcomm likely reporting substantial chip numbers in the second half from higher iPhone builds and improved Taiwan Semiconductor Manufacturing Co Ltd's TSM capacity availability.
  • Price action: QCOM shares traded lower by 0.26% at $139.35 in the premarket session on the last check Monday. 

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