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Qualcomm Stock: Why Analysts Are Positive

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Dec. 12 2018, Updated 9:00 a.m. ET

Analysts’ recommendations

Among the 27 analysts covering Qualcomm (QCOM), 13 recommended a “buy,” while 14 recommended a “hold.” None of the analysts recommended a “sell.” The company will likely continue to perform well despite the trade war and other global headwinds. Analysts have set a target price of $68.50 for the stock and a median consensus estimate of $68.00. Qualcomm was trading at $57.11 on December 4—a 16.0% discount to its consensus median target estimate.

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Market capitalization

Qualcomm’s market capitalization is ~$70.0 billion as of December 4. NVIDIA (NVDA), Broadcom (AVGO), Micron (MU), and Advanced Micro Devices (AMD) have market capitalizations of $95.8 billion, $95.9 billion, $41.8 billion, and $21.1 billion.

Growth drivers

Qualcomm has been pressured amid US-China trade war concerns and rate hike fears. Despite the headwinds, Qualcomm expects growth from its China business in fiscal 2019, particularly in the second half of 2019.

Qualcomm expects to remain focused around three key priorities. The company plans to drive the transition to 5G. Qualcomm wants to resolve its dispute with Apple and other consumers in fiscal 2019. Qualcomm also aims to improve its core product businesses. The company plans to strengthen its mix in China. While Qualcomm has been focusing on its China business, the company’s operations in India and Europe have been doing well. Qualcomm’s proper execution of priorities is boosting technology and product leadership, particularly in 5G.

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