J P M O R G A N North America Equity Research

31 July 2024

Qualcomm
F3Q24 Review: Upsides Through Diversification and Overweight
Premium Smartphone; F1Q25 Guide Softer But QCOM, QCOM US
Conservative Relative to Cyclical Drivers Price (31 Jul 24):$180.95
▼Price Target (Dec-25):$230.00
Prior (Dec-25):$235.00

The strength of the premium smartphone market in relation to Chinese OEMs as

well as upsides in the Autos and IoT businesses, which are critical to Qualcomm’s
efforts towards diversification of its end-markets, helped deliver results for F3Q
that exceeded investor expectations. Guidance for F4Q also tracked better than
feared despite a lot of choppiness in relation to benefits from an extra week and also IT Hardware/ Telecom & Networking
Equipment
relative to headwinds from the end of the license to ship to Huawei. And yet, even
as Qualcomm’s F3Q24 guidance was able to surpass investors’ expectations, Samik Chatterjee, CFA AC
(1-212) 622-0798
which had more recently been concerned around potential headwinds from a softer
[email protected]
China smartphone market following 6/18 promotions as well as the headwinds in
Joseph Cardoso
relation to Huawei, the early look provided by the company for F1Q25 tracked
(1-212) 622-9036
below investor expectations. While JPM and investor expectations were primed [email protected]
for double-digit revenue growth in F1Q25 and for FY25, Qualcomm is indicating Manmohanpreet Singh
early expectations for mid-single-digit growth; however, we believe that the early (1-212) 622-4527
guide embeds two significant areas of conservatism which investors should take [email protected]
note of and would go a long way in explaining the shortfall: 1) assumption that the Priyanka Thapa
global smartphone market tracks largely flat (to slightly up in 2024) and planning (1-212) 622-4935
assumptions remain for the same, even as data from 1H 2024 indicates that the [email protected]
smartphone market is up about 7% y/y; 2) assumption that the strength evidenced J.P. Morgan Securities LLC

with Chinese smartphone OEMs will not sustain in F1Q as inventory

replenishment will be limited against the backdrop of a limited recovery in the Key Changes (FYE Sep)
smartphone market. Relative to the underlying assumptions from Qualcomm, we Prev Cur
believe the cyclical recovery already seen in the smartphone market and the Adj. EPS - 25E ($) 12.00 11.30
potential volume opportunity from a AI-led replacement cycle could drive upsides
to Qualcomm’s outlined F1Q25 expectations. Moving beyond the Handset Quarterly Forecasts (FYE Sep)
business, the success of the diversification of the end-markets is bearing fruit and Adj. EPS ($)
was the primary contributor to upsides in the quarter as Autos and IoT both 2023A 2024E 2025E
Q1 2.37 2.75A 2.87
delivered stronger-than-expected growth, setting a higher baseline to envision Q2 2.15 2.44A 2.75
growth in the future in these key end-markets. We are trimming our revenue growth Q3 1.87 2.34A 2.70
expectations for FY25 to a high-single-digit growth percentage led by robust Q4 2.02 2.60 2.98
FY 8.43 10.13 11.30
growth in non-Handset revenues, although we still envision potential upside
opportunities from a better underlying smartphone market, and are trimming our Style Exposure
Dec-25 price target to $230 vs. $235 prior.

• F3Q24 (Jun-end) Results: Stronger revenue drove EPS above consensus

expectations. Revenues tracked to $9.4 bn vs. JPMe of $9.3 bn, consensus of
$9.2 bn, and guide of $8.8 - $9.6 bn, including QCT of $8.1 bn (vs. JPMe of
$8.0 bn, consensus of $7.9 bn, and guide of $7.5 - $8.1 bn), and QTL of $1.3
bn (vs. JPMe and consensus of $1.3 bn, and guide of $1.2 - $1.4 bn). QCT EBT
margins tracked to 27.0% (vs. JPMe of 26.0%, consensus of 26.4% and guide
of 25% - 27%), and QTL EBT margins tracked to 70.2% (vs. JPMe of 71.0%,
consensus of 70.5%, and guide of 69% - 73%). EPS tracked to $2.33 (vs. JPMe

Sources for: Style Exposure – J.P. Morgan Quantitative and Derivatives Strategy; all other tables are company data and J.P. Morgan estimates.

See page 8 for analyst certification and important disclosures.

J.P. Morgan does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that
the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single
factor in making their investment decision.

www.jpmorganmarkets.com
Samik Chatterjee, CFA AC North America Equity Research
(1-212) 622-0798 31 July 2024 JPMORGAN
[email protected]

Price Performance Summary Investment Thesis and Valuation

Investment Thesis
We rate QCOM shares Overweight, primarily on the opportunity
for upside from cyclical upside in the smartphone industry,
which has been impacted by consumer spending headwinds, as
well as diversification of its end markets beyond smartphones,
leveraging the technology leadership already demonstrated in
the smartphone market. The diversification into end markets of
automotive, IoT, PCs, AR/VR, etc. leverages the technology
developed for the smartphone market in relation to baseband
modems, application processors, and RF front end, helping in
YTD 1m 3m 12m providing sustainable growth drivers, which support double-
Abs 25.1% -9.2% 9.1% 36.9% digit revenue growth, in our view.
Rel 9.3% -10.3% -0.6% 16.6%
Valuation
Company Data
We reduce our December 2025 price target to $230 (vs. $235
Shares O/S (mn) 1,134
52-week range ($) 230.63-104.33 prior) based on a ~20x target P/E multiple on our updated FY27
Market cap ($ mn) 205,197.30 EPS estimate, which excludes majority of business from Apple,
Exchange rate 1.00 discounted back by one year. We believe a ~20x multiple is
Free float(%) 99.9%
3M - Avg daily vol (mn) 10.13 appropriate in reflection of robust earnings growth ex-Apple in
3M - Avg daily val ($ mn) 2,013.2 the medium term from the AI opportunity (smartphones as well
Volatility (90 Day) 44 as PCs) and execution relative to diversification.
Index S&P 500
BBG BUY|HOLD|SELL 28|15|1

Key Metrics (FYE Sep) Performance Drivers

$ in millions FY23A FY24E FY25E FY26E
Financial Estimates
Revenue 35,831 38,571 41,766 47,093
Adj. EBIT 11,461 13,287 14,430 16,524
Adj. EBITDA 13,270 14,978 16,226 18,543
Adj. net income 9,486 11,405 12,467 14,282
Adj. EPS 8.43 10.13 11.30 13.10
BBG EPS 8.30 9.93 11.34 12.52
Cashflow from operations 11,299 11,164 13,918 16,055
FCFF 12,134 10,576 12,829 14,753
Margins and Growth
Revenue Growth Y/Y (%) (18.9%) 7.6% 8.3% 12.8%
EBIT margin 32.0% 34.4% 34.6% 35.1%
EBIT growth (32.8%) 15.9% 8.6% 14.5%
EBITDA margin 37.0% 38.8% 38.9% 39.4%
EBITDA Growth Y/Y (%) (29.5%) 12.9% 8.3% 14.3%
Net margin 26.5% 29.6% 29.9% 30.3%
Adj. EPS growth (32.8%) 20.2% 11.6% 16.0%
Ratios
Adj. tax rate 14.3% 13.2% 13.0% 13.0%
Interest cover 19.2 22.0 24.3 27.8
Net debt/Equity 0.3 0.3 0.1 NM
Net debt/EBITDA 0.5 0.5 0.1 NM
ROE 47.9% 48.1% 43.5% 40.8%
Valuation
FCFF yield 6.0% 5.2% 6.4% 7.5%
Dividend yield - - - -
EV/Revenue 5.8 5.4 4.9 4.4
EV/EBITDA 15.6 13.8 12.7 11.1
Adj. P/E 21.5 17.9 16.0 13.8

Source: J.P. Morgan Quantitative and Derivatives Strategy for Performance Drivers; company data, Bloomberg Finance L.P. and J.P. Morgan estimates for all other tables. Note: Price history may not be
complete or exact.

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Samik Chatterjee, CFA AC North America Equity Research
(1-212) 622-0798 31 July 2024 JPMORGAN
[email protected]

of $2.26, consensus of $2.24, and guide of $2.15 - $2.35).

• F4Q24 (Sep-end) Guide: Revenue and EPS outlook better than feared even when
adjusted for extra week. Revenue was guided to $9.5-$10.3 bn (vs. JPMe/consensus of
$9.8 bn/$9.7 bn); however, adjusted for the extra week (14 weeks) in the September
quarter, guidance would have likely been slightly shy of sell-side consensus. While the
aggregate revenue guide might be slightly shy of sell-side consensus on adjusting for an
extra week, we believe the guidance is still better than feared as concerns around a
slowdown in the China post 6/18 had been mounting in recent weeks. The aggregate
revenue guidance comprises QCT revenues of $8.1-$8.7 bn (vs. JPMe /consensus of $8.4
bn/$8.3 bn) and QTL revenues of $1.35-$1.55 bn or $1.35 bn when adjusted for the extra
week (vs. JPMe and consensus of $1.4 bn). QCT EBT margin was guided to 27% - 29%
(vs JPMe of 26.0% and consensus of 28.0%) and QTL EBT margin was guided to 70%
- 74% (vs JPMe of 71.1% and consensus of 70.4%). EPS was guided to $2.45-$2.65 for
a midpoint of ~$2.55 (vs. JPMe of $2.42 and consensus of $2.45).
• F1Q25 (Dec-end) Guide: Implied revenue guidance below consensus, but also
appears to incorporate conservatism on multiple fronts. Qualcomm highlighted that
revenue growth in F1Q25 might look similar to F1Q24, i.e. 5% y/y , which is materially
below consensus expectation of +9% y/y , although it is important to keep in mind the base
case assumptions from the management team that are driving the forecast, including: 1)
Qualcomm is assuming a flat to slightly up global smartphone market despite healthy y/y
increases in the 1H of the calendar year and relative to our forecasts for 3% growth; and
2) Qualcomm assumes that Chinese OEMs, which have been a robust driver of growth
for Qualcomm, moderate in terms of growth in the December quarter as the pace of
growth and inventory replenishment evidenced in recent quarters is unlikely to sustain
if the overall smartphone recovery is limited; 3) Huawei revenue headwinds y/y
contributing about 2 ppts of headwinds.

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Samik Chatterjee, CFA AC North America Equity Research
(1-212) 622-0798 31 July 2024 JPMORGAN
[email protected]

Investment Thesis, Valuation and Risks

Qualcomm (Overweight; Price Target: $230.00)
Investment Thesis
We rate QCOM shares Overweight, primarily on the opportunity for upside from cyclical
upside in the smartphone industry, which has been impacted by consumer spending
headwinds, as well as diversification of its end markets beyond smartphones leveraging the
technology leadership already demonstrated in the smartphone market. The diversification
into end markets of automotive, IoT, PCs, AR/VR, etc. leverages the technology developed
for the smartphone market in relation to baseband modems, application processors, and RF
front end, helping in providing sustainable growth drivers, which support double-digit
revenue growth, in our view.
Valuation
We reduce our December 2025 price target to $230 (vs. $235 prior) based on a ~20x target
P/E multiple on our updated FY27 EPS estimate, which excludes majority of business from
Apple, discounted back by one year. We believe a ~20x multiple is appropriate in reflection
of robust earnings growth ex-Apple in the medium term from the AI opportunity,
(smartphones as well as PCs) and execution relative to diversification.

Qualcomm P/E-Based Intrinsic Value

Source: J.P. Morgan estimates.

Risks to Rating and Price Target

Industry Downside Risks
Deceleration in the handset and smartphone market on pullback in consumer
spending. A worsening macro growth outlook could drive moderation in consumer

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Samik Chatterjee, CFA AC North America Equity Research
(1-212) 622-0798 31 July 2024 JPMORGAN
[email protected]

purchasing and result in a greater than expected contraction in the handset and smartphone
markets, the primary driver of Qualcomm’s earnings. Consumer spending pullback could
pose headwinds to our estimates and price target.

Company-Specific Downside Risks

Licensing disputes potentially leading to lower ongoing royalty revenues. Qualcomm’s
licensing model has been subjected to regulatory scrutiny in different jurisdictions, such as
Mainland China, Taiwan, Korea, Europe, and the United States. In some instances,
Qualcomm reached a settlement that resulted in a lower royalty rate charged from
smartphone OEMs (e.g., reached a settlement in China for $975 mn in February 2015).
Similar ongoing/potential litigation in other places, including the United States, could
present more downside risk in the form of monetary penalties as well as a lower royalty rate.

5
Samik Chatterjee, CFA AC North America Equity Research
(1-212) 622-0798 31 July 2024 JPMORGAN
[email protected]

Qualcomm Summary Table

$ in Millions, Except Per Share Data

Source: Company reports and J.P. Morgan estimates.

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Samik Chatterjee, CFA AC North America Equity Research
(1-212) 622-0798 31 July 2024 JPMORGAN
[email protected]

Qualcomm: Summary of Financials

Income Statement - Annual FY22A FY23A FY24E FY25E FY26E Income Statement - Quarterly 1Q24A 2Q24A 3Q24A 4Q24E
Revenue 44,170 35,831 38,571 41,766 47,093 Revenue 9,922A 9,386A 9,391A 9,872
COGS (18,363) (15,647) (16,617) (18,717) (21,561) COGS (4,251)A (4,047)A (4,122)A (4,197)
Gross profit 25,807 20,184 21,954 23,050 25,532 Gross profit 5,671A 5,339A 5,269A 5,675
SG&A (2,019) (1,892) (1,977) (2,035) (2,082) SG&A (461)A (495)A (518)A (503)
Adj. EBITDA 18,829 13,270 14,978 16,226 18,543 Adj. EBITDA 4,057A 3,587A 3,436A 3,898
D&A (1,762) (1,809) (1,691) (1,796) (2,019) D&A (437)A (411)A (419)A (424)
Adj. EBIT 17,067 11,461 13,287 14,430 16,524 Adj. EBIT 3,620A 3,176A 3,017A 3,474
Net Interest (538) (691) (682) (668) (668) Net Interest (177)A (171)A (167)A (167)
Adj. PBT 16,597 11,070 13,141 14,322 16,416 Adj. PBT 3,585A 3,175A 3,034A 3,347
Tax (2,346) (1,584) (1,735) (1,855) (2,134) Tax (484)A (414)A (386)A (451)
Minority Interest - - - - - Minority Interest - - - -
Adj. Net Income 14,251 9,486 11,405 12,467 14,282 Adj. Net Income 3,101A 2,761A 2,648A 2,895
Reported EPS 12.53 8.43 10.13 11.30 13.10 Reported EPS 2.75A 2.44A 2.34A 2.60
Adj. EPS 12.53 8.43 10.13 11.30 13.10 Adj. EPS 2.75A 2.44A 2.34A 2.60
DPS - - - - - DPS - - - -
Payout ratio - - - - - Payout ratio - - - -
Shares outstanding 1,137 1,126 1,126 1,103 1,090 Shares outstanding 1,127A 1,130A 1,134A 1,113
Balance Sheet & Cash Flow Statement FY22A FY23A FY24E FY25E FY26E Ratio Analysis FY22A FY23A FY24E FY25E FY26E
Cash and cash equivalents 2,773 8,450 7,299 12,683 19,660 Gross margin 58.4% 56.3% 56.9% 55.2% 54.2%
Accounts receivable 5,643 3,183 4,310 4,790 4,964 EBITDA margin 42.6% 37.0% 38.8% 38.9% 39.4%
Inventories 6,341 6,422 5,059 5,371 5,567 EBIT margin 38.6% 32.0% 34.4% 34.6% 35.1%
Other current assets 5,967 4,409 6,594 6,594 6,594 Net profit margin 32.3% 26.5% 29.6% 29.9% 30.3%
Current assets 20,724 22,464 23,262 29,438 36,785
PP&E 5,168 5,042 4,714 4,589 4,454 ROE 101.9% 47.9% 48.1% 43.5% 40.8%
LT investments 0 0 0 0 0 ROA 31.6% 19.0% 22.0% 22.4% 22.9%
Other non current assets 23,122 23,534 24,665 24,665 24,665 ROCE 49.5% 27.9% 29.8% 29.1% 29.0%
Total assets 49,014 51,040 52,641 58,692 65,904 SG&A/Sales 4.6% 5.3% 5.1% 4.9% 4.4%
Net debt/equity 0.7 0.3 0.3 0.1 NM
Short term borrowings 1,945 914 1,364 1,364 1,364
Payables 3,796 1,912 2,070 2,417 2,505 P/E (x) 14.4 21.5 17.9 16.0 13.8
Other short term liabilities 6,125 6,802 5,004 5,104 5,140 P/BV (x) 11.4 9.4 7.9 6.3 5.1
Current liabilities 11,866 9,628 8,438 8,885 9,009 EV/EBITDA (x) 11.0 15.6 13.8 12.7 11.1
Long-term debt 13,537 14,484 13,190 13,190 13,190 Dividend Yield - - - - -
Other long term liabilities 5,598 5,347 5,134 5,134 5,134
Total liabilities 31,001 29,459 26,762 27,209 27,333 Sales/Assets (x) 1.0 0.7 0.7 0.8 0.8
Shareholders' equity 18,013 21,581 25,880 31,484 38,571 Interest cover (x) 35.0 19.2 22.0 24.3 27.8
Minority interests - - - - - Operating leverage 140.7% 174.0% 208.3% 103.9% 113.8%
Total liabilities & equity 49,014 51,040 52,641 58,692 65,904
Revenue y/y Growth 32.0% (18.9%) 7.6% 8.3% 12.8%
BVPS 15.84 19.17 22.98 28.54 35.39
EBITDA y/y Growth 41.0% (29.5%) 12.9% 8.3% 14.3%
y/y Growth 82.9% 21.0% 19.9% 24.2% 24.0%
Tax rate 14.1% 14.3% 13.2% 13.0% 13.0%
Net debt/(cash) 12,709 6,948 7,255 1,871 (5,106)
Adj. Net Income y/y Growth 45.3% (33.4%) 20.2% 9.3% 14.6%
EPS y/y Growth 46.8% (32.8%) 20.2% 11.6% 16.0%
Cash flow from operating activities 9,096 11,299 11,164 13,918 16,055
DPS y/y Growth - - - - -
o/w Depreciation & amortization 1,762 1,809 1,691 1,796 2,019
o/w Changes in working capital (7,740) 749 281 (345) (246)
Cash flow from investing activities (5,804) 762 (3,633) (1,671) (1,884)
o/w Capital expenditure (2,262) (1,323) (1,180) (1,671) (1,884)
as % of sales 5.1% 3.7% 3.1% 4.0% 4.0%
Cash flow from financing activities (7,196) (6,663) (8,756) (6,863) (7,195)
o/w Dividends paid (3,212) (3,462) (3,625) (3,863) (4,195)
o/w Net debt issued/(repaid) - - - - -
Net change in cash (3,904) 5,428 (1,224) 5,384 6,977
Adj. Free cash flow to firm 7,296 12,134 10,576 12,829 14,753
y/y Growth (19.9%) 66.3% (12.8%) 21.3% 15.0%
Source: Company reports and J.P. Morgan estimates.
Note: $ in millions (except per-share data).Fiscal year ends Sep. o/w - out of which

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Samik Chatterjee, CFA AC North America Equity Research
(1-212) 622-0798 31 July 2024 JPMORGAN
[email protected]

Analyst Certification: The Research Analyst(s) denoted by an “AC” on the cover of this report certifies (or, where multiple Research Analysts
are primarily responsible for this report, the Research Analyst denoted by an “AC” on the cover or within the document individually certifies,
with respect to each security or issuer that the Research Analyst covers in this research) that: (1) all of the views expressed in this report
accurately reflect the Research Analyst’s personal views about any and all of the subject securities or issuers; and (2) no part of any of the
Research Analyst's compensation was, is, or will be directly or indirectly related to the specific recommendations or views expressed by the
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requirements, that the Research Analyst’s analysis was made in good faith and that the views reflect the Research Analyst’s own opinion,
without undue influence or intervention.
All authors named within this report are Research Analysts who produce independent research unless otherwise specified. In Europe, Sector
Specialists (Sales and Trading) may be shown on this report as contacts but are not authors of the report or part of the Research Department.
Important Disclosures

Market Maker: J.P. Morgan Securities LLC makes a market in the securities of Qualcomm.
Market Maker/ Liquidity Provider: J.P. Morgan is a market maker and/or liquidity provider in the financial instruments of/related to
Qualcomm.
Client: J.P. Morgan currently has, or had within the past 12 months, the following entity(ies) as clients: Qualcomm.
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as clients, and the services provided were non-investment-banking, securities-related: Qualcomm.
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services provided were non-securities-related: Qualcomm.
Potential Investment Banking Compensation: J.P. Morgan expects to receive, or intends to seek, compensation for investment banking
services in the next three months from Qualcomm.
Non-Investment Banking Compensation Received: J.P. Morgan has received compensation in the past 12 months for products or services
other than investment banking from Qualcomm.
Debt Position: J.P. Morgan may hold a position in the debt securities of Qualcomm, if any.

Company-Specific Disclosures: Important disclosures, including price charts and credit opinion history tables, are available for compendium
reports and all J.P. Morgan–covered companies, and certain non-covered companies, by visiting https://www.jpmm.com/research/disclosures ,
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Date Rating Price ($) Price Target
($)
04-Nov-21 OW 138.48 200
16-Nov-21 OW 168.51 225
02-Feb-22 OW 177.13 240
05-Apr-22 OW 153.81 205
14-Jul-22 OW 135.64 185
12-Oct-22 OW 110.03 190
03-Nov-22 OW 112.50 185
20-Dec-22 OW 112.61 160
04-May-23 OW 112.83 145
19-Jul-23 OW 122.86 159
03-Aug-23 OW 129.27 148
02-Oct-23 OW 111.06 135
02-Nov-23 OW 110.89 140
08-Jan-24 OW 136.73 173
31-Jan-24 OW 145.98 170
01-May-24 OW 165.85 185
26-Jul-24 OW 175.39 235

The chart(s) show J.P. Morgan's continuing coverage of the stocks; the current analysts may or may not have covered it over the entire period.
J.P. Morgan ratings or designations: OW = Overweight, N= Neutral, UW = Underweight, NR = Not Rated
Explanation of Equity Research Ratings, Designations and Analyst(s) Coverage Universe:
J.P. Morgan uses the following rating system: Overweight (over the duration of the price target indicated in this report, we expect this stock will

8
Samik Chatterjee, CFA AC North America Equity Research
(1-212) 622-0798 31 July 2024 JPMORGAN
[email protected]

outperform the average total return of the stocks in the Research Analyst’s, or the Research Analyst’s team’s, coverage universe); Neutral (over
the duration of the price target indicated in this report, we expect this stock will perform in line with the average total return of the stocks in the
Research Analyst’s, or the Research Analyst’s team’s, coverage universe); and Underweight (over the duration of the price target indicated in
this report, we expect this stock will underperform the average total return of the stocks in the Research Analyst’s, or the Research Analyst’s
team’s, coverage universe. NR is Not Rated. In this case, J.P. Morgan has removed the rating and, if applicable, the price target, for this stock
because of either a lack of a sufficient fundamental basis or for legal, regulatory or policy reasons. The previous rating and, if applicable, the
price target, no longer should be relied upon. An NR designation is not a recommendation or a rating. In our Asia (ex-Australia and ex-India)
and U.K. small- and mid-cap Equity Research, each stock’s expected total return is compared to the expected total return of a benchmark
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the certifying Research Analyst’s coverage universe can be found on J.P. Morgan’s Research website, https://www.jpmorganmarkets.com .
Coverage Universe: Chatterjee, Samik: Amphenol (APH), Apple (AAPL), Arista (ANET), CDW (CDW), Calix (CALX), Ciena (CIEN),
Cisco (CSCO), Coherent Corp (COHR), CommScope (COMM), Corning (GLW), Dell Technologies (DELL), F5 Inc (FFIV), Fabrinet (FN),
Flex Ltd (FLEX), HP Inc (HPQ), Hewlett Packard Enterprise (HPE), Infinera (INFN), Jabil Inc (JBL), Juniper Networks (JNPR), Keysight
Technologies (KEYS), Logitech International (LOGI), Lumentum (LITE), Mobileye (MBLY), NetApp, Inc. (NTAP), Qualcomm (QCOM),
Sensata (ST), Stratasys, Ltd. (SSYS), Super Micro (SMCI), TE Connectivity (TEL), Teradyne (TER), Wolfspeed Inc (WOLF), Xerox Holdings
Corp (XRX)

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Overweight Neutral Underweight
(buy) (hold) (sell)
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Samik Chatterjee, CFA AC North America Equity Research
(1-212) 622-0798 31 July 2024 JPMORGAN
[email protected]

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(1-212) 622-0798 31 July 2024 JPMORGAN
[email protected]

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Samik Chatterjee, CFA AC North America Equity Research
(1-212) 622-0798 31 July 2024 JPMORGAN
[email protected]

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[email protected]

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