Thesis

I am very optimistic about QUALCOMM (NASDAQ:QCOM), as I believe the company is poised to benefit from structural trends related to the metaverse. In particular, VR/AR technology is estimated to grow at a CAGR of 40% through 2030. And QUALCOMM’s Snapdragon It is the leading chipset in this industry.

QUALCOMM shares are down 35% year-to-date, versus a loss of about 23% for the S&P 500 (SPX). This, in my opinion, is a secular buying opportunity for long-term focused investors.

Personally, I see more than 30% upside potential for QUALCOMM stock. I anchor my thesis in a residual earnings model, which calculates a fair implied share price of $157.34/share.

About QUALCOMM

QUALCOMM is a leading US-based semiconductor company. The company researches, designs…