Wells Fargo Sees Greater Upside in Qualcomm (QCOM) Ahead of Investor Day

QUALCOMM Incorporated (NASDAQ:QCOM) is included among the 10 Best S&P 500 Dividend Stocks to Buy Right Now.

Wells Fargo raised its price recommendation on QUALCOMM Incorporated (NASDAQ:QCOM) to $230 from $160 on June 12. It reiterated an Equal Weight rating on the shares ahead of the company’s Investor Day. The firm said its bull-case scenario is worth more than $2.50 per share for every 1GW deployed, reflecting optimism around Qualcomm’s growth opportunities as investors look ahead to the event.

Earlier, on June 5, JPMorgan raised its price goal on Qualcomm to $265 from $160. It maintained a Neutral rating on the stock ahead of the company’s June 24 investor day. The firm expects Qualcomm to outline data center revenue targets of more than $3B in fiscal 2027 and $35B in fiscal 2031. JPMorgan also placed the shares on “Positive Catalyst Watch,” citing expectations that the targets presented at the investor day could exceed investor expectations. Even so, the firm maintained its Neutral rating, saying it wants to see evidence that Qualcomm can execute on these opportunities in what remains an increasingly competitive market.

QUALCOMM Incorporated (NASDAQ:QCOM) develops and commercializes foundational technologies for the wireless industry. Its portfolio includes technologies supporting third-generation (3G), fourth-generation (4G), and fifth-generation (5G) wireless connectivity, as well as high-performance and low-power computing, including on-device artificial intelligence.

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