Piper Sandler analyst Harsh Kumar is “pounding the table” and reiterated an Overweight on Qualcomm Inc. with a $225 price target (46.1 percent upside).
Qualcomm is an attractive investment despite macroeconomic uncertainty reflecting its exposure to the Internet of Things.
Investors continue to assign a handset multiple to the stock, while Qualcomm is set to capitalize on an already proliferating internet of things opportunity.
Kumar views Qualcomm as one of the very few models that can address the sophisticated compute and connectivity opportunities for low, mid, and high volume units.
Meanwhile, Qualcomm is doing a great job selling chips for premium Android smartphones from Samsung Electronics Co. Ltd. and Chinese vendors, making up for the shortfall created after Apple decided to make its wireless chips for the iPhone.
Qualcomm also has significant opportunities in the automotive and personal computer markets.
