5 Best Self Driving Car Stocks To Buy Now

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In this piece, we’ll take a look at the 5 best self driving car stocks to buy now. For more stocks and our analysis of the autonomous car industry, head on to 15 Best Self Driving Car Stocks To Buy Now.

5. QUALCOMM Incorporated (NASDAQ:QCOM)

Number of Hedge Fund Holders: 80

QUALCOMM Incorporated (NASDAQ:QCOM) is a global leader in commercializing and developing foundational wireless technologies. The company develops semiconductors, software, and services related to wireless technology. The company’s technology and solutions are used in industries or applications such as automotive and the Internet of Things. The Snapdragon Ride Vision system from QUALCOMM Incorporated (NASDAQ:QCOM) is a new open, modular computer vision and scalable software stack built on a four-nanometer process technology for advanced driver assistance systems and automated driving.

On November 03, 2022, John Vinh, an analyst at KeyBanc, reduced his price target on QUALCOMM Incorporated (NASDAQ:QCOM) to $150 while keeping an Overweight rating. The analyst stated that although the company posted good results for Q4, the forward guidance for Q1 is weak and may cause a downside in the stock price.

In its Q4 2021 investor letter, ClearBridge Investments, an asset management firm, highlighted a few stocks and QUALCOMM Incorporated (NASDAQ:QCOM) was one of them. Here is what the fund said:

Market strength continued in the fourth quarter, with only the communication services sector down in the Russell 1000 Value Index. Portfolio returns benefited from the strong performance of semiconductor maker QUALCOMM Incorporated (NASDAQ:QCOM), which has executed exceptionally well in pursuing the transition to 5G, growing both content and share due to its leadership position in cellular technology. The chipmaker recently outlined a number of peripheral growth opportunities outside of mobile markets, including automotive (where it hopes to leverage its strong presence in the automotive infotainment space into advanced driver assistance systems), Internet of Things (including opportunities in the PC market, VR/AR market, and factory automation) and radio frequency (where mmWave adoption globally, including China, would drive substantial upside).

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