Key Takeaways:
- TD Cowen boosted its price target on Qualcomm to $200 from a prior $150.
- The new target suggests significant potential upside for the chipmaker's stock.
- Details on the analyst's rating or specific reasoning were not provided.
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Qualcomm Target Lifted to $200 at TD Cowen on Upgraded Outlook
TD Cowen raised its price target on Qualcomm Inc. (QCOM) to $200 from $150 on Tuesday, signaling a more bullish outlook for the semiconductor designer.
The financial services firm did not immediately provide a specific reason for the adjustment or name the analyst responsible for the change. It was also not specified if the firm's formal rating on the stock was changed.
The new $200 price objective represents a 33.3 percent increase from the prior target. Based on Qualcomm's recent trading levels, the new target implies a notable upside, though the exact percentage is dependent on the daily stock price.
The upgrade comes as investors pour into semiconductor stocks with exposure to the expanding artificial intelligence market. While Nvidia Corp. has captured most of the attention, companies like Qualcomm and Advanced Micro Devices Inc. (AMD) are also seen as key players in the AI hardware supply chain.
This price target increase from a notable Wall Street firm could bolster investor confidence in Qualcomm's strategy. Traders will now look toward the company's next earnings announcement for further details on its growth trajectory and AI-related revenue.
This article is for informational purposes only and does not constitute investment advice.
