BofA Sees Qualcomm (QCOM) Riding IoT and Automotive Growth to $200 Target
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Looking at the finer detail of the results, for Q3, the company's total revenue surged 10% year-over-year to $10.4 billion, and adjusted EPS rose 19% to $2.77 due to better operating leverage. While revenue in its licensing business (QTL) rose 4%, QCT revenue was up 11%. Within QCT, IoT (+24%) and Automotive (+21%) stole the show, while Handsets revenue was also up a healthy 7%. Notably, for Q4, the company expects Handset revenues to grow around 5% sequentially, whereas IoT is expected to remain flat.
Liani believes that while handset demand, particularly in China, remains a headwind, Qualcomm's upbeat guidance for the following quarter points to a rebound in that segment. He also sees meaningful upside from the company's push into data center solutions, where it is aiming for leadership in CPU and NPU technologies. Taken together, these factors underpin the analysts' constructive outlook on the stock.
QUALCOMM Inc. (NASDAQ:QCOM) is a semiconductor technology company that specializes in wireless communications. It engages in 5G technology, supplies chipsets and system-on-chip solutions for mobile devices, automotive applications, and the Internet of Things (IoT). Its Snapdragon processors are widely used across smartphones and connected devices.
While we acknowledge the potential of QCOM as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.
READ NEXT: and 10 Most Oversold Semiconductor Stocks So Far in 2025.
Disclosure: None. This article is originally published at Insider Monkey.
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