Qualcomm Inc

QCOM: XNAS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$854.00	Rlbbg	Msrvxzv

Qualcomm Earnings: Maintaining $140 Valuation as Qualcomm Posts Solid Results

Brian Colello

May 2, 2024

Narrow-moat Qualcomm reported solid fiscal second-quarter results and provided investors with a decent outlook for the June quarter, as the company is benefitting from a recovery in the Chinese smartphone market. Management was also bullish on its automotive chip prospects, reiterating its guidance for $4 billion of revenue in fiscal 2026 and boasting a $45 billion pipeline. We maintain our $140 fair value estimate and view shares as modestly overvalued.

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