Qualcomm Soars 10% After Impressive Investor Day Reveals

Qualcomm's (QCOM) stock surged nearly 10% in Thursday's opening trade after its Investor Day, where the chipmaker announced partnerships and revenue guidance that impressed Wall Street analysts. Morgan Stanley upgraded Qualcomm to 'Equal Weight' from 'Underweight', hiking the price target by 58% to $231 from $146.

Morgan Stanley analyst Joseph Moore said Qualcomm's projection for $5 billion in AI data center sales by fiscal 2027 firmly places the chipmaker among AI beneficiaries. However, he cautioned that the three-year growth ramp remains a 'show-me story.'

Rosenblatt raised its price target on Qualcomm to $265 from $190 and reiterated its 'Buy' rating, calling the company's investor day a 'definitive turning point.' The firm said Qualcomm has finally moved beyond the Apple-related headwinds that have long weighed on its valuation.