KeyBanc Reiterates Sector Weight on Qualcomm, $160 PT
KeyBanc analyst John Vinh reiterated a Sector Weight rating and $160 price target on Qualcomm (NASDAQ: QCOM).
“QCOM today announced a multi-generational agreement with AMZN to support customized silicon for AI DCs, covering AI inference and optical connectivity solutions, including 1.6T and future-gen offerings.
QCOM also issued a warrant to AMZN for up to 25M shares with vesting tied to up to $60B in AMZN revenues over 10 years. QCOM also reiterated $5B in DC revenues in FY27 growing to $15B in FY29.
We view the agreement with AMZN as positive for QCOM as it improves visibility into QCOM’s DC ramp and LT growth.
We remain Sector Weight, as we believe the transition away from handsets will take time.”
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