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24/7 Wall St. gives Qualcomm (QCOM) a "Buy" rating with a price target of $240, implying a potential upside of 35%, based on growth in its automotive business and an AI infrastructure agreement with Amazon.
24/7 Wall St. gives Qualcomm (QCOM) a "buy" rating with a price target of $240, representing a potential upside of 35%, based on growth in its automotive business and an AI infrastructure agreement with Amazon. Qualcomm CEO Cristiano Amon has set a goal for non-handset revenue to reach $40 billion by fiscal year 2029, aiming to offset the loss of revenue from Apple's modem business by fiscal year 2027. As part of the AI infrastructure agreement, Amazon received warrants from Qualcomm valued at $4 billion.
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