Analysts Hail Qualcomm's Auto Design Pipeline Due To Market Prospects
Analysts Hail Qualcomm's Auto Design Pipeline Due To Market Prospects
分析师因市场前景欢呼高通汽车设计流水线
- Qualcomm Inc (NASDAQ:QCOM) hosted its first-ever Automotive Investor Day in New York City.
- The key data point is that the lifetime automotive design pipeline has increased by $11 billion in the past month and a half to $30 billion.
- For more near-term metrics, FY26 automotive revenue target is now $4 billion+ in FY26, up from $3.5 billion previously, and $9 billion+ in FY31, up from $8 billion previously.
- Automotive will likely be $1.3 billion in FY22.
- Qualcomm moved its Snapdragon Platform from vehicle connectivity to digital cockpit applications and now gaining momentum in ADAS/AD.
- Rosenblatt analyst Kevin Cassidy reiterated a Buy and $220 price target on Qualcomm.
- He saw the Veoneer / Arriver software stack acquisition as driving the critical ingredient to Qualcomm's ADAS success. Expectations were set for design win announcements during CES 2023.
- Also, many other opportunities would likely be closed within the next two years.
- The Qualcomm bears may point to these wins as lower-level processing and not the domain processor, but he liked the progression of lower-end CPU designs to higher end in the long-term wins strategy.
- Barclays analyst Blayne Curtis reiterated Equal Weight and a $160 price target.
- Curtis found it well-positioned within next-gen Auto designs with a stronghold in connectivity, growth in the digital cockpit, and emerging presence in ADAS/AD.
- Though Auto is a strong growth driver over the next decade+, the story is still heavily levered to Mobile, where NT Android trends are weaker and likely result in estimate revisions.
- Wells Fargo reiterated an Equal Weight and $150 price target.
- It highlighted how Qualcomm focused on the Snapdragon Digital Chassis enabling transformation in the automobile.
- While Qualcomm's automotive revenues represent only $1.3 billion, or ~3%, of total revenues today, it saw a significant opportunity to grow automotive revenues driven by accelerating trends within automotive.
- The analyst found it difficult for QCOM shares to outperform peers based on constrained LT growth prospects specific to the mature mobile handset market, which still drives ~60% of QCT sales.
- Price Action: QCOM shares traded lower by 2.36% at $120.75 on the last check Friday.
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- 高通纳斯达克(Sequoia Capital：QCOM)在纽约市举办了其首个汽车投资者日。
- 关键的数据点是，在过去的一个半月里，终身汽车设计管道增加了110亿美元，达到300亿美元。
- 对于更多的近期指标，26财年的汽车收入目标现在是40亿美元以上，高于之前的35亿美元，31财年的目标是90亿美元以上，高于之前的80亿美元。
- 汽车行业在2012财年可能会达到13亿美元。
- 高通将其Snapgon平台从车辆连接转移到数字驾驶舱应用，现在ADAS/AD获得了势头。
- 罗森布拉特分析师凯文·卡西迪重申了高通的买入和220美元的目标价。
- 他认为收购Veoneer/Arriver软件堆栈是推动高通ADAS成功的关键因素。在CES 2023年期间，人们对设计获奖公告设定了预期。
- 此外，许多其他机会可能会在未来两年内关闭。
- 看空高通的人可能会指出，这些胜利是低级处理，而不是域处理器，但他喜欢低端CPU设计向高端发展的长期制胜战略。
- 巴克莱分析师布莱恩·柯蒂斯重申了平权和160美元的目标价。
- 柯蒂斯发现，它在下一代汽车设计中处于有利地位，在连接性、数字驾驶舱的增长以及ADAS/AD领域的新兴存在方面占有一席之地。
- 尽管汽车是未来十年+的强劲增长动力，但故事仍然严重依赖于移动，在移动领域，NT Android的趋势较弱，可能会导致预期修正。
- 富国银行重申同等权重和150美元的目标价。
- 它突显了高通如何专注于骁龙数字底盘，使其能够实现汽车领域的转型。
- 虽然高通的汽车收入仅为13亿美元，约占目前总收入的3%，但在汽车行业加速发展的趋势推动下，高通看到了增长汽车收入的巨大机遇。
- 这位分析师发现，基于成熟手机市场有限的LT增长前景，高通的股价很难超过同行，该市场仍占QCT销售额的60%左右。
- 价格行动：高通股价周五尾盘下跌2.36%，至120.75美元。
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