We're Scooping Up More Shares of This AI-on-Device Beneficiary
Based on several factors, we are using the recent drop to add to this position.
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| Symbol | Transaction Type | # Shares Traded | Recent Price $ | Shares Owned After Trade | % Portfolio |
|---|---|---|---|---|---|
QCOM | Buy | 35 | 198 | 890 | 4.0 |
After you receive this Alert, the portfolio will buy 35 shares of Qualcomm QCOM at or near $198. Following the trade, QCOM shares will account for roughly 4.0% of the portfolio.
During our recent Office Hours, a question was asked about where we would look to add to the portfolio’s position in Qualcomm. We called out the technical support at the 50-day moving average near $193, and combined with today’s positive data on May smartphone sales, especially for Apple AAPL, we are using the recent drop from above $225 to add to our holdings. Comments earlier this week from Micron MU about the AI-on-device upgrade cycle for PCs and smartphones also support today’s trade.
Our QCOM price target remains at $240, which offers just under 20% upside from current levels, but we will review our target once we have the June revenue report from Taiwan Semiconductor TSM in hand.
As we make this addition, we will continue to watch the portfolio’s position in Universal Display OLED, which coming into today were hovering near 4.49% of the portfolio’s assets. The shares have been a stalwart for the portfolio in the current quarter, but should they climb much further, prudent portfolio management may lead us to lock in a slice of those gains.
More Pro Portfolio:
- We Are Adding to This Play on the Housing Market
- Weekly Roundup: Prepare to Be Selective
- We Are Lifting Panic Points for 5 Portfolio Holdings
(Please note that we are looking to execute these trades at or near the share price mentioned above. Once the trade is completed, subscribers can see the trade's executed price here. Be sure to toggle the chart to sort by Purchase Date.)
At the time of publication, TheStreet Pro Portfolio was long QCOM, AAPL, MU and OLED.
