Thu Sep 19 07:27:40 UTC 2024: ## Qualcomm Stock Upgraded to Strong Buy by TD Cowen

**San Diego, CA -** Qualcomm, the wireless technology giant, received a significant boost on Monday as investment firm TD Cowen upgraded its rating on the company’s shares from “hold” to “strong-buy.” The upgrade comes amidst a flurry of activity from analysts regarding Qualcomm, with various other firms issuing price target adjustments and rating changes.

While HSBC Global Research downgraded Qualcomm to “hold” in July, Barclays raised their price target to $200 in August, followed by Citigroup also raising their target to $200 in the same month. Notably, Robert W. Baird increased their price target to $250, expressing confidence in the company’s performance with an “outperform” rating. Wells Fargo & Company, however, maintained an “underweight” rating, albeit with a higher price target of $170.

Overall, analysts remain largely bullish on Qualcomm, with a consensus rating of “Moderate Buy” and an average price target of $211.67, according to MarketBeat.com.

Qualcomm’s recent earnings report, released on July 31st, showed strong performance, with earnings per share exceeding analyst expectations at $1.93. The company also declared a quarterly dividend of $0.85, payable on September 26th, representing an annualized dividend of $3.40 and a yield of 2.02%.

Despite the positive sentiment, recent insider trading activity reveals that Qualcomm’s CTO, James H. Thompson, sold 8,000 shares in August, and the company’s CFO, Akash J. Palkhiwala, sold 3,000 shares in July. This insider selling activity has sparked some concern among investors.

However, institutional investors continue to show confidence in Qualcomm, with 74.35% of the company’s stock currently held by them.

Qualcomm is a key player in the wireless industry, specializing in the development and commercialization of foundational technologies. The company operates across various segments, including integrated circuits, system software, and wireless communications, and continues to be a major player in the rapidly evolving 5G market.

With the recent upgrade from TD Cowen and overall positive sentiment among analysts, Qualcomm’s stock is poised for potential growth in the near future.

Read More