Qualcomm’s push into artificial intelligence data centers has convinced Goldman Sachs to raise its price target by nearly a quarter.
The bank kept its rating at Neutral anyway, a sign that even a bullish estimate revision isn’t the same as a buy call
Shares have already sailed past Goldman’s new target, leaving the stock ahead of the analysts who just got more optimistic about it. Goldman lifts its numbers after Qualcomm’s big reveal Goldman Sachs raised its 12-month price target on Qualcomm to $180 from $145, according to a Goldman Sachs note shared with TheStreet. The new target applies a 15 times price-to-earnings multiple, up from 12 times, to a normalized earnings estimate of $12 a share, up from $11.
Goldman raised its overall estimates for the company by 10% on average following Qualcomm’s Investor Day. That event, held in New York on June 24, is where the case for higher numbers was made. Qualcomm nearly doubled its long-term non-handset revenue target for fiscal 2029 to $40 billion, according to Qualcomm’s investor day announcement.