由 jpichiban Thu, 06 Feb 2025 11:39:06 GMT
Despite beating expectations, Qualcomm’s left many analysts worried about the company’s growth path going forward. Qualcomm posted financial results for its fiscal first quarter that beat estimates. The chipmaker reported adjusted earnings per share of $3.41 on $11.67 billion in revenue. Analysts polled by LSEG expected $2.96 a share on $10.93 billion in revenue. All three of the company’s major end markets for its chips grew during the period. Qualcomm’s most important market, mobile handsets, grew 13% on an annual basis, while analysts surveyed by FactSet were looking for about 5% growth. The company sees handset revenues growing by 10% in 2025. However, Qualcomm’s stock shed nearly 5% during premarket trading Thursday as the company said it expects slower growth from its QCT segment, estimating second-quarter revenue from the business to be in between $8.9 billion to $9.5 billion. QCT, which includes sales from physical chips, rose by a record 20% to $10.1 billion in sales for the quarter just reported. Many analysts signaled worries of Qualcomm’s future prospect, saying the company could be negatively impacted by tech company Huawei’s resurgence in China and lose revenue as Apple moves to launch its in-house modem chip — replacing Qualcomm semiconductors. Here’s what analysts had to say: Morgan Stanley keeps equal weight rating, $204 price target Analyst Joseph Moore noted “solid chipset growth in smartphone and diversification markets” but sees Huawei’s dominance in China as a headwind for Qualcomm as its key customers lose market share. He also modeled for a modest decline in the Qualcomm’s automotive business ahead. His price target signals 16% upside. “We are impressed by Qualcomm’s ability to maintain growth in a challenging smartphone environment, and are excited about content gains with the edge AI theme. In addition, their growing autos opportunity is exciting and their share gains are notable. That being said, we see long-term handset risk with losing the Apple baseband and worry about Samsung concentration. We remain EW as the possibility of this caps the multiple potential, but we do admire the company’s execution thus far.” Citi reiterates neutral rating and $185 price target Citi said Apple’s transition to internal modems will hit Qualcomm’s earnings. A handset upgrade cycle from Qualcomm is at least a year away, the firm added. The bank’s price target points to 5% upside ahead. “Yesterday after the close, QCOM reported good results driven by strength from the handset market (65% of F1Q25 sales) but guided for a 9% QoQ decline as Apple is starting to go away and we believe it will result in a $1.2 billion revenue headwind in C25. We raise estimates but maintain our Neutral rating given Apple’s transition will pressure Qualcomm EPS.” Wells Fargo reiterates underweight rating and $175 price target Wells Fargo analyst Aaron Rakers is watching Qualcomm’s handset guidance for the second quarter. His price target is just below where shares closed Wednesday. “QCOM noted that the guided q/q decline in QCT handset revenue (down ~10% q/q) reflects seasonality + lower ship to Apple. As a reminder, Apple is expected to launch its iPhone SE 4 in March – we see QCOM’s comments as confirming that the iPhone SE 4 will utilize Apple’s internally designed modem; leaving us / investors to become increasing focused on QCOM’s loss of Apple handset revenue going forward … QCOM dismissed concerns that near-term handset demand strength was driven by pre-tariff pull-forward.” JPMorgan maintains overweight rating, cuts price target Analyst Samik Chatterjee lowered his price target by $5 to $195, which suggests 10.9% potential upside. Qualcomm is “executing well in its own right” within all sides of its business, including handsets, autos as well as internet of things, but investors remain concerned about factors outside of the company’s control, he said. “With the overhang in relation to concern relative to share loss at Apple, inves 鉴于上行潜力的可见性较低，投资者可能会持谨慎态度。然而，从长远来看，高通在三星旗舰机型中的份额提升，同时在物联网（IoT）和汽车领域实现增长，持续巩固了其跨多样化终端市场的技术领导地位，并使其能够从边缘人工智能（Edge AI）的采用周期中获益。我们预计，一旦公司克服上述外部因素带来的短期逆风，这将推动其估值重估。美国银行重申买入评级，并维持245美元的目标价。分析师Tal Llani对高通持华尔街最乐观态度，其245美元的目标价意味着超过39%的上涨空间。他表示，这家芯片制造商是3G/4G/5G技术增长的“长期受益者”，智能手机升级也将利好QCT出货量。“高通交出了强劲的业绩……某些需求方面可能不可持续，特别是中国的强劲表现和三星份额增长的影响，但业绩证明了高通在智能手机技术上的领导能力，以及向汽车和计算领域多元化布局的实力。”
原文链接：https://www.cnbc.com/2025/02/06/wall-street-analysts-liked-qualcomms-results-but-concerns-about-growth-are-emerging.html