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Strategies & Market Trends : stocks for medium & long-term hold durations
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Lou Weed
To: rimshot who wrote (96)11/17/2021 1:03:45 PM
From: rimshot1 Recommendation  Read Replies (1) of 426
 
QCOM - Qualcomm - JP Morgan Raises Qualcomm's Price Target to $225 From $200,
Maintains Overweight Rating
==================================================================

Analysts at CFRA have summarized their opinion as follows:

We raise our 12-month target to $190 from $160 on a P/E of 16.2x our CY 23 EPS estimate of $11.71,
slightly below peers.

We up our FY 22 (Sep.) EPS to $10.66 from $10.23 and FY 23 to $11.61 from $10.24.
At its Analyst Event, we come away impressed with QCOM's diversification strategy
(shift away from Apple given expected business loss in FY 23),
as it aims to grow QCT sales by a mid-teens CAGR through FY 24 while QTL
keeps its revenue/margin profile at elevated levels.

QCOM looks to do this by growing handset revenue at a 12% CAGR through FY 24,
on share gain from China vendors (due to Huawei demise) and ongoing content growth
from the shift to 5G (525M 5G phones in 2021, rising to 1.1B by 2024).

In autos, we note a $13B pipeline (sales to grow to $3.5B in 5 years and $8B in 10 years from $1B
in FY 21) and 5-year CAGR of 36% for its SAM,
led by telematics/connectivity and inclusion of ADAS/autonomy.

We see IoT growing at a 3-year CAGR of 17%, led by the metaverse and edge networking,
among other verticals.
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