In a report released today, Jun Zhang from Rosenblatt Securities maintained a Buy rating on Qualcomm Inc (QCOM), with a price target of $84. The company’s shares closed yesterday at $86.37, close to its 52-week high of $88.63.
Zhang wrote:
“We think Qualcomm will continue to see weakness from the Android market in the second half of this year due to our belief that there will be an inventory correction in the Android market in late C3Q and C4Q. However, we see several catalysts for QCOM in 2H19 as many Chinese OEMs plan to launch their 5G smartphones in China in late C3Q (albeit at small volumes). In addition, we believe Apple (AAPL: Neutral) will begin to use Qualcomm modems again starting in the second half of this year. We maintain our Buy rating and $84 price target. We believe Chinese OEMs, as well as Samsung (SSNLF: NR), will become more aggressive when launching their 5G smartphones in mid-2020. We see Apple launching their regional 5G iPhone in the second half of 2020.”
According to TipRanks.com, Zhang is a 4-star analyst with an average return of 7.0% and a 66.2% success rate. Zhang covers the Consumer Goods sector, focusing on stocks such as Applied Optoelectronics, Lumentum Holdings, and Viavi Solutions.
Qualcomm Inc has an analyst consensus of Moderate Buy, with a price target consensus of $87.81, a 1.7% upside from current levels. In a report issued on April 17, Evercore ISI also upgraded the stock to Buy.
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Qualcomm Inc’s market cap is currently $104.5B and has a P/E ratio of 54.66. The company has a Price to Book ratio of 28.89.
Based on the recent corporate insider activity of 71 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of QCOM in relation to earlier this year.
TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.
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