Qualcomm Inc. saw a 35% rally from April to July, only to face a 10% dip post-earnings in late July. Despite the pullback, bulls defended the $145 level, showing resilience and potential for a turnaround. The stock must now surpass $165 to confirm an uptrend and technical momentum.

Qualcomm’s recent selloff followed strong earnings with positive revenue and profit beats. Management highlights growth opportunities beyond Apple, emphasizing multiple business segments like automotive, IoT, and AI devices. With positive earnings momentum, strong cash flows, and a low valuation, analysts are bullish, with price targets up to $225.

Analysts are optimistic about Qualcomm, with Piper Sandler assigning a $175 price target and others like JPMorgan and Rosenblatt issuing bullish ratings. This indicates potential upside of over 40%. The stock’s performance history may be lackluster, but its current valuation and growth prospects make it an attractive option.

Qualcomm faces a crucial test to retake $165 and confirm an uptrend. Success could lead to a run towards $175 and potentially $200 by year-end. If it fails, bears may take advantage, but strong buyer support diminishes that likelihood. The stock’s resilience and potential for growth make it an intriguing opportunity for investors.

Read more at Nasdaq: Qualcomm Just Passed 1 Major Test, But Can It Pass the Next?