Qualcomm(US:QCOM) Ge Long Hui·2025-11-07 08:42Core Viewpoint - UBS report indicates that Qualcomm's Q4 revenue and earnings per share exceeded expectations, primarily driven by the QCT business [1] Group 1: Business Performance - Qualcomm's data center business is emerging as a new focus, with a more detailed product roadmap expected to be released in 2026 [1] - The company is believed to have competitive strength, but there is little evidence of related products in the supply chain, suggesting that the roadmap may take several years to have a substantial impact [1] Group 2: Core Issues - Ongoing core issues for Qualcomm include the potential cessation of patent fee payments from Apple, or at least a significant push to reduce related costs [1] Group 3: Valuation and Rating - UBS has made limited adjustments to Qualcomm's valuation, raising the target price from $175 to $185 while maintaining a "Neutral" rating, as the company still struggles to exceed market expectations [1]