Barclays Reiterates Underweight on Qualcomm, $180 PT
Barclays analyst Tom O’Malley reiterated an Underweight rating and $180 price target on Qualcomm (NASDAQ: QCOM).
“AWS has used QCOM’s AI100 in their EC2 instances and uses PCIe scale up so this fits.
Initial reaction will be negative MRVL and ALAB as the working assumption will be this is similar to the initial Alchip foray.
We’ve learned how defensible these positions can be for an extended period of time with second sources needing to prove out.
Numbers don’t change as this should already be embedded in the targets provided at the recent analyst day. We think a majority of the $5B target for FY27 is custom silicon and the rest connectivity.
The 3.75M shares that will vest upon issuance of the warrant based on initial purchase commitments implies $9B of orders.”
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