10:56 AM EDT, 06/17/2025 (MT Newswires) -- Qualcomm ( QCOM ) has long-term revenue potential in automotive and Internet of Things, while revenue for its main smartphones business is seen to have "peaked," BofA Securities said in a note on Tuesday.

BofA analysts said they believe the smartphone market "is mature," and that they don't see "any major growth catalyst." The analysts said they expect "recent smartphone growth to reverse," as Samsung's market share gains subside and Apple ( AAPL ) begins utilizing its own modem.

BofA said it expects automotive, IoT, AI PCs, and data center silicon to account for 40% of Qualcomm's ( QCOM ) revenue by 2030, compared to 27% presently.

BofA reduced its price target to $200 from $245 and reiterated a buy rating on the stock.

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