Piper Sandler Initiates Qualcomm (QCOM) with Neutral Rating, $190 Price Target; Firm Sees $15B+ Datacenter Revenue by FY2029
Piper Sandler analyst David O'Connor initiated coverage on Qualcomm (NASDAQ: QCOM) on September 9, stating the company has an attractive multi-year AI opportunity in datacenters, but its valuation already reflects many potential wins. Qualcomm previously targeted over $15 billion in datacenter revenue by fiscal 2029, with CFO Akash Palkhiwala expecting $5 billion by fiscal 2027. Hedge fund positioning showed increased conviction, with 95 funds holding the stock at the end of Q2, up from 71 in the prior quarter.
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