QUALCOMM, Inc. (NASDAQ:QCOM) is one of the top AI stocks to buy according to billionaire Philippe Laffont.
On June 29, Mizuho analyst Vijay Rakesh reiterated a Neutral rating on QUALCOMM, Inc. (NASDAQ:QCOM) and hiked the price target to $210 from $170
The new price target represents significant upside potential as the stock is trading at about $184 a share. Kārlis Dambrāns/Flickr The Mizuho analyst remains bullish on the company’s long-term prospects, citing burgeoning opportunities in data centers and auto ramps. The strong demand is expected to offset potential headwinds in the company’s consumer handsets segment.
The sentiments come on the heels of Qualcomm asserting it is positioned to generate $15 billion in sales from its data center business by 2029. The robust revenue growth will come as the company moves beyond core smartphone chips. Chief Financial Officer Akash Palkhiwala expects the data center business to generate $5 billion in revenue in fiscal 2027, with $1 billion from new custom chip customers.