Rosenblatt on Qualcomm and Apple Supply Agreement: 'We view this as positive news for QCOM shares today'

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Rosenblatt on Qualcomm and Apple Supply Agreement: 'We view this as positive news for QCOM shares today'
Credit: © Reuters.

Rosenblatt analyst reiterated a Buy rating and $145.00 price target on Qualcomm (NASDAQ: QCOM )

The analyst comments "With a press release this morning, Qualcomm announced signing a Snapdragon 5G Modem-RF Systems supply agreement with Apple (NASDAQ: AAPL ) for smartphones launches in 2024, 2025 and 2026. Previous expectations were for minimal contribution from Apple product revenues in Qualcomm’s FY25 (September 2025 ending). Qualcomm’s presentation now suggests long-term financial planning assumption should be 20% shares of chipset supply for the smartphone launch in 2026. This is an endorsement of our view that modem development is much more difficult than CPU development. Also, with the 5G standard continuing to add features, designing to an evolving standard makes it exponential more difficult to design. We view this as positive news for QCOM shares today. "

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