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© Reuters.
By Sam Boughedda
Key Banc analyst John Vinh raised the agency’s worth goal on Qualcomm (NASDAQ:) to $220 from $200, sustaining an Chubby score.
In a word to buyers, Vinh mentioned that regardless of peaking considerations, they anticipate Qualcomm to be sole-sourced in Samsung’s (OTC:) flagship GS23 smartphone in 2023.
KeyBanc beforehand had considerations that Qualcomm’s place at Samsung had peaked this yr after it elevated its market share place with Snapdragon within the Galaxy S22 smartphone to 75% from 40% within the Galaxy S21. Nevertheless, they now anticipate QCOM’s share place to extend additional to 100% of the GS23 subsequent yr.
As well as, Vinh mentioned they “nonetheless anticipate Apple (NASDAQ:) to make use of QCOM’s modem within the mmW model of the iPhone 15 in 2023.
“Given mmW efficiency points with AAPL’s inside 5G modem that we beforehand reported (hyperlink), we consider Apple plans to make use of its inside 5G modem for its sub 6Ghz SKUs and can proceed to make use of QCOM’s modem within the mmW SKUs, which we anticipate to account for 60% of iPhone 15 quantity,” wrote the analyst.
“We anticipate this to drive significant upside to administration steering of getting solely 20% share of the iPhone 15. We’re elevating estimates to replicate increased share assumptions at each AAPL and Samsung. We anticipate incremental share at each AAPL and Samsung so as to add $3.03B/ $1.26 in rev/EPS to our CY23 ests. We improve our CY23 rev/EPS ests to $52.0B/$14.52 from $49.0B/$13.26 prior.”
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