10 High Flying AI Stocks This Week

4. QUALCOMM Incorporated (NASDAQ:QCOM)

Number of Hedge Fund Holders: 79

QUALCOMM Incorporated (NASDAQ:QCOM) develops wireless technologies, supplies chips for mobile, automotive, and IoT devices, licenses patents, and invests in emerging industries worldwide. On March 11, TD Cowen analyst Joshua Buchalter maintained a “Buy” rating on the stock and set a price target of $195.00. Analyst Joshua Buchalter focused on Qualcomm’s diversification strategy following a series of investor meetings in Europe, expressing optimism in the company’s ability to expand its business beyond the traditional handset market by utilizing its intellectual property in compute and connectivity.

The firm contends that Qualcomm is going in the right direction by leveraging its low-power and connectivity-focused product portfolio to tap into high-growth opportunities within the Internet of Things (IoT) and Automotive sectors. There are concerns over Qualcomm’s licensing segment, but these are outweighed by the company’s strong financials and anticipated benefits coming from Qualcomm’s diversification into new high-value markets.