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Technology Stocks : Qualcomm Moderated Thread - please read rules before posting
QCOM 180.90+2.1%Oct 31 9:30 AM EDT
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From: GR8FORM2/13/2024 2:21:52 PM
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Qualcomm’s Chip Share Inside iPhones Is Still Strong, Says Analyst

Qualcomm, a maker of mobile processors and 5G wireless chips, will retain its robust modem share for the iPhone this year, says Piper Sandler.

On Tuesday, analyst Harsh Kumar reiterated his Overweight rating on Qualcomm stock with his $165 price target. Shares were down 1.8% to $150.30 in midday Tuesday trading, while the S&P 500 and Nasdaq Composite were lower by 1.2% and 1.5%.

“Historically, prior to a major global modem launch, the modem maker has to ratify and qualify the modem across the globe,” he wrote. “We have heard no such news about an internal Apple modem. This leads us to strongly believe that just like 2023 iPhone modems, the 2024 iPhone is also likely to be 100% reliant on a QCOM modem.”

The analyst noted Qualcomm and Apple signed a new three-year deal last September for phones to be introduced in 2024, 2025, and 2026. He believes the chip maker will report strong results over the near term.

“We feel that stories around Apple introducing a modem this year or narratives that Apple has a greater share than QCOM forecasts are misguided and have no basis,” he wrote. Qualcomm “is conservatively guiding modem expectations.”

Qualcomm shares have risen about 16% over the past 12 months. That compares with a 48% rally for the iShares Semiconductor exchange-traded fund.

Write to Tae Kim at tae.kim@barrons.com
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