Bank of America Securities raised Qualcomm's target price from $173 to $180 to maintain a “buy” rating. The bank indicates that Qualcomm's strong mobile phone chip business is mainly driven by 40% year-on-year growth in the Chinese market in half a year, and believes most of the recovery in the Chinese market has already been achieved.

Based on normal seasonal factors and lack of flagship launches, the growth trend of mobile phone chips is expected to slow in the third quarter. Since then, improvements in performance guidance have been driven by automobiles and the Internet of Things. The bank believes that even though the stock's short-term catalyst is stable, the long-term driving force includes the global mobile phone market, which continues to recover this year, and the long-term positive impact of artificial intelligence trends on mobile phone demand and product prices. Computers are also another driving force for the company to launch Microsoft-enabled chips next year. Furthermore, the company also plans to transform industrial solutions from microcontrollers to high-end computing and connectivity solutions.