Qualcomm Stock Could Double to $370?

After three years of lagging behind the AI rally, analysts suggest Qualcomm (QCOM) stock could double to $370, according to a report by Trefis.

Rating Change

No specific rating change from a particular analyst was mentioned in the report, but it highlights the possibility of the stock rising 100% from current levels.

Analyst Rationale

Analysts believe Qualcomm may be poised to benefit from AI through its chips for smartphones and IoT devices, especially with increasing demand for on-device AI processing. Additionally, diversifying its business away from reliance on Apple (AAPL) could support growth.

Context

Qualcomm (QCOM) has underperformed peers like AMD and Marvell (MRVL) over the past three years, as the market focused on data center chips. However, with a shift toward edge AI, Qualcomm may find a new opportunity.

What to Make of It

Expectations of a stock doubling remain speculative and depend on the company's execution in the AI market. Investors are advised to monitor Qualcomm's quarterly results and partnerships before making any decisions.