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Qualcomm Stock Price Is Likely to Hit $100 Soon

Qualcomm Inc (NASDAQ:QCOM)

Qualcomm (NYSE: QCOM) stock price extended the upside momentum after beating fourth-quarter estimates. Analyst’s positive comments and target hikes are adding to investors. QCOM stock bounced to 52-weeks high amid expectations for improving market fundamentals for semiconductor companies.

Qualcomm stock price is currently trading around $90; analysts are expecting QCOM shares to hit $100 in the coming days. The company topped revenue and earnings estimate for the fourth quarter by $100 million and $0.07 per share.

QCOM QUALCOMM Incorporated daily Stock Chart

Analysts Raised Qualcomm Stock Price Target

The majority of market pundits have increased QCOM shares price target. For instance, Mizuho lifted the price target by $20 to $100 with a buy rating. Mizuho analyst Vijay Rakesh claims that the company is well set to take advantage of 5G investments. The analyst expects revenue and margin growth in next year through these investments.

Qualcomm Stock Price Is...

On the other hand, Cowen also appears bullish about Qualcomm. The firm raised the price target to $100. The firm says “The earnings beat and stronger-than-expected guidance, seeing benefits from the Apple settlement earlier this year and the potential for 2020/21 5G modem/RF chip ASPs to shift sharply higher.”

Morgan Stanley, however, is showing some concerns over growth potential in the short-term. The tailwinds include autos, IoT, and networking, according to Morgan Stanley.

Fourth Quarter Results and 2020 Guidance Supports Bullish Trend

The company has generated $4.1 billion in Q4 revenue, up almost $100 million from consensus. Its fiscal 2019 revenue grew 7% from the previous year. In addition, it’s fiscal 2019 operating cash flows rose 86% from the past year. Strong cash generation enhances its investment potential and cash returns for investors.

Qualcomm Stock Price Is...

The company expects fiscal 2020 revenue in the range of $5.2 billion, higher from $4.8 billion in the previous year period. QTL segment is likely to drive revenue growth in the first quarter. QCOM anticipates 28% to 47% revenue growth from the QTL segment. Overall, Qualcomm’s stock price is well set to extend the upside momentum.

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Based in Saudi Arabia, Siraj has a strong understanding of and passion for accounting and finance. He has worked for international clients for many years on several projects related to the stock market, equity research and other business, accounting and finance related projects. Siraj is a published financial analyst on the world's leading websites including SeekingAlpha, TheStreet, MSN, and others.