JP Morgan Raises Qualcomm's Price Target to $190.00

JP Morgan has raised its price target for Qualcomm from $185 to $190, indicating a positive outlook for the stock. The analyst maintains an "Overweight" rating for Qualcomm, suggesting continued confidence in the stock's performance. Based on one-year price targets, the average target price for Qualcomm is $176.23, with an upside of 15.03% from the current price of $153.20. The estimated GF Value for Qualcomm in one year is $160.62, suggesting a 4.84% upside from the current price.

JP Morgan has recently raised its price target for Qualcomm (QCOM) from $185 to $190, reflecting a positive outlook for the stock. The analyst maintains an "Overweight" rating for QCOM, suggesting continued confidence in its performance [2].

The new price target represents a 15.03% upside from the current price of $153.20, based on one-year price targets. Additionally, the estimated GF Value for QCOM in one year is $160.62, indicating a 4.84% upside from the current price [2].

Qualcomm has been facing regulatory scrutiny and legal challenges, but the company has recently agreed to settle a lawsuit for $75 million, potentially signaling a resolution of these issues [1]. This settlement could boost investor confidence and contribute to the stock's positive outlook.

The company's valuation remains attractive, with a P/E ratio of 15, making it one of the most affordable large-cap semiconductor companies available [3]. Despite recent earnings beats, the market has yet to fully reward QCOM with a significant rally, as seen with other tech giants like NVIDIA.

Institutional investors have shown interest in QCOM, with 1,337 adding shares to their portfolios and 1,174 decreasing their positions in the most recent quarter [2]. Additionally, members of Congress have traded QCOM stock 7 times in the past 6 months, with 5 purchases and 2 sales [2].

The next earnings report, scheduled for the end of July, could be a pivotal moment for QCOM. The stock has a strong track record of beating analyst expectations, which could help reinforce the bull case and put pressure on Wall Street analysts to re-evaluate their stance.

References:
[1] https://www.tradingview.com/news/11thestate:007dc1cba094b:0-qualcomm-ftc-s-case-18-stock-drop-and-a-lawsuit-did-they-cross-the-line/
[2] https://www.quiverquant.com/news/New+Analyst+Forecast%3A+%24QCOM+Given+%24190.0+Price+Target
[3] https://www.marketbeat.com/originals/qualcomms-dirt-cheap-valuation-opportunity-or-red-flag/