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© Reuters. By Sam Boughedda
Key Banc analyst John Vinh raised the agency’s value goal on Qualcomm (NASDAQ:) to $220 from $200, sustaining an Chubby score.
In a be aware to buyers, Vinh mentioned that regardless of peaking issues, they count on Qualcomm to be sole-sourced in Samsung’s (OTC:) flagship GS23 smartphone in 2023.
KeyBanc beforehand had issues 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 count on QCOM’s share place to extend additional to 100% of the GS23 subsequent yr.
As well as, Vinh mentioned they “nonetheless count on 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 imagine 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 count on to account for 60% of iPhone 15 quantity,” wrote the analyst.
“We count on this to drive significant upside to administration steerage of getting solely 20% share of the iPhone 15. We’re elevating estimates to mirror increased share assumptions at each AAPL and Samsung. We count on 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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