Qualcomm Inc (QCOM)

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Citi sees upside for Qualcomm earnings and guidance, initiates positive catalyst watch
By: Investing | January 12, 2024

Citi analysts launched a positive catalyst watch on Qualcomm (NASDAQ:QCOM) shares in a note Friday, also raising its rating to Buy from Neutral and its price target for the stock to $160 from $110 per share.

The bank explained that it expects upside to Qualcomm's print and guidance when it reports earnings, which is the basis for the 90-day positive catalyst watch.

"We believe the inventory replenishment in the handset end market should benefit both revenue and margins at Qualcomm," said the investment bank. "We expect the replenishment to continue at least through 1Q24, and Qualcomm should gain share at Samsung as well."

"We are raising our F24E revenue and EPS estimates from $37.5 billion and $7.61 to $38.5 billion and $8.16, and our F25E revenue and EPS estimates from $41.0 billion and $8.82 to $41.0 billion and $9.29, respectively," they added.

QCOM shares are up around 1.7% premarket, trading at $141.39 per share, adding to its more than 18% gain in the last 12 months.

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