"We think QCOM possesses more short-term security vs. others , there's a revenue catalyst from Samsung share gains in CY23, medium-term optionality , and a longer-term catalyst from auto," Caso wrote in a Tuesday note. The analyst expects that investors have priced in enough bad news for Qualcomm, and that the stock has limited downside from here after losing roughly 31% in 2022 amid a broader pullback in semiconductor names.
Caso said that chip names are in a "period of sustained long-term growth" as companies expand further into artificial intelligence, cloud computing and automotive technologies, and he expects more growth ahead in automotive chips for Qualcomm. "We believe the design win traction in auto should help the multiple longer term since it serves to diversify QCOM's revenue stream, and though the revenue catalyst is out in time , visibility is very high," Caso wrote.
20%?!?! wow i'm gonna be rich!!!
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