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Investing.com – Qualcomm (NASDAQ:QCOM) shares rose more than 3% in Friday’s trade, a day after the company introduced a new Snapdragon chip that will bring features associated with high-end phones to more handsets.
Both JP Morgan Chase (NYSE:JPM) and Piper Sandler (NYSE:PIPR) are overweight with $170 and $160 price target for the stock, respectively. That’s a 30% and a 22% jump from the stock’s current price.
Qualcomm unveiled its 7-series processors three years ago. The latest Snapdragon 780G 5G mobile platform offers some of the premium features of the Snapdragon 888 chipset at a more affordable price.
The company claims that the new platform will offer a 40% performance boost and 50% faster graphics from the earlier models.
Snapdragon 780G is the first 7-series platform with a triple Image signal processor, which can capture images from three cameras (zoom, wide, and ultra-wide) simultaneously.
Commercial devices featuring the Snapdragon 780G are expected to be available in the second quarter.
