Deutsche Bank Raises Price Target On Qualcomm (QCOM) To $72
Thursday, February 02, 2022 3:40 PM

Deutsche Bank (DB) lifted its price target on Qualcomm Inc. (NASDAQ: QCOM) to $72 from $70, while reiterating a "Buy" rating on the stock, following the chip maker's solid results and raised forecast.

The bank wrote that Qualcomm is well positioned to benefit from underlying demand trends in wireless technologies.

The company reported first-quarter revenue of $4.7 billion, beating DB estimate and consensus of $4.6 billion. Pro-forma EPS of $0.97 also beat DB estimate of $0.92 and consensus of $0.90.

Qualcomm also raised full-year guidance stating that growth is being driven by continued smartphone growth and the adoption of 3G and 4G technologies.

The stock, which has been trading between $45.98 and $61.95 over the past year, rose 2.4% to $61.01 on Thursday.