12 Best 5G Stocks to Invest in According to Hedge Funds

Page 3 of 11

9. QUALCOMM Incorporated (NASDAQ:QCOM)

Number of Hedge Fund Holders: 63

QUALCOMM Incorporated (NASDAQ:QCOM) is one of the best 5G stocks to invest in according to hedge funds. On January 15, Citi reiterated its Neutral rating on QUALCOMM Incorporated (NASDAQ:QCOM) with a price target of $180 following a coverage reshuffle. Citi noted that the stock is currently trading above its historical valuation levels.

Earlier, on January 14, RBC Capital analyst Srini Pajjuri initiated coverage of QUALCOMM Incorporated (NASDAQ:QCOM), assigning the stock a Sector Perform rating and setting a price target of $180. RBC Capital pointed out that the stock has lagged the SOX semiconductor index over the past year, attributing this underperformance to weak growth in the smartphone market, modem in-sourcing at Apple Inc. (NASDAQ:AAPL), and a lack of compelling data center AI narrative.

The research firm expects QUALCOMM Incorporated’s (NASDAQ:QCOM) revenue growth to stay muted over the next two years. RBC Capital pointed to the company’s recent AI accelerator product announcement but noted that it may take time before it can translate into meaningful revenue. The firm sees QUALCOMM Incorporated’s (NASDAQ:QCOM) valuation as reasonable at around 14x P/E and highlighted the company’s solid cash returns.

QUALCOMM Incorporated (NASDAQ:QCOM) is an American multinational corporation that creates semiconductors, software, and services related to wireless technology. Its portfolio includes products for processors, modems, platforms, RF systems, and connectivity.

Page 3 of 11