Why Qualcomm Stock Could Still Be a Great Value Now
Believe it or not, old mobile-chip giant Qualcomm (NASDAQ: QCOM) has been a hot stock so far in 2024. After getting clobbered in the aftermath of the pandemic-era consumer electronics spending spree, shares have rallied to all-time highs and are up nearly 40% so far this year.
There's good reason for this stock price jump. Though the smartphone market is likely to remain tepid, Qualcomm has developed two newer consumer markets that are lifting profitability higher. As a result, the stock could still be a pretty good value right now.
As I wrote a couple of months ago, Qualcomm is benefiting from a stabilization in the smartphone market this year. Though sales are far from all-out growth, Qualcomm's high-end 5G connectivity chips fetch more dollars per unit than in the past (known as average selling price, or ASP). That's leading to an outperformance of the overall smartphone market for Qualcomm's revenue.
Source Fool.com
Qualcomm Inc. Stock
With 45 Buy predictions and 2 Sell predictions Qualcomm Inc. is one of the favorites of our community.
As a result the target price of 177 € shows a slightly positive potential of 11.35% compared to the current price of 158.96 € for Qualcomm Inc..
