Qualcomm (NASDAQ: QCOM) has been making significant moves in 2024 to position itself for success in the AI industry. While the company is known for its work in mobile devices and telecommunications, it has expanded into the automotive and computing markets. Additionally, Qualcomm has formed strategic partnerships with tech giants like Apple (NASDAQ: AAPL) and Samsung (KRX: 005930) to license its technology and products.
These efforts have paid off in the stock market, with QCOM shares rising by 48.15% this year to reach a price of $207.75. However, analysts are cautiously optimistic about Qualcomm’s performance in the next 12 months. Of the 28 experts on TipRanks, 19 recommend buying the stock, 8 are neutral, and Wells Fargo (NYSE: WFC) advises selling QCOM stock.
The price targets for Qualcomm shares are conservative, with a forecasted 4.29% drop to $195.29. However, some recent price target revisions have been more optimistic. Bank of America (NYSE: BAC) raised its forecast from $180 to $245 per share, while Wells Fargo set the lowest target of $140 in February 2024.
It’s important to note that this information is not investment advice, and investing in stocks carries risks.
