Rosenblatt: Raise Qualcomm (QCOM.US) target price to $200, maintain "buy" rating.

Investment bank Rosenblatt Securities maintains a "buy" rating on Qualcomm (QCOM.US), with a target price raised from $170 to $200. Analyst Kevin Cassidy said that Qualcomm's Snapdragon system-on-chip (SoC) may lead the market for the next generation of computing platforms as it could help drive the development of edge artificial intelligence (AI) (edge AI refers to the use of machine learning algorithms in the form of AI directly running on edge devices). The analyst noted that recent data shows that shipments of Samsung Galaxy S24 using the Snapdragon 8 Gen3 are 13% higher than last year's S23 and 47% higher than S22. The analyst also mentioned that the Snapdragon X Elite for personal computers is expected to launch in the coming months. The analyst added that Qualcomm's stock price is trading at a discount of nearly 40% compared to the Philadelphia Semiconductor Index.