We boost our 12-month target to $260 from $200 on a revised P/E of 22.2x our CY 25 EPS view of $11.68, within peers but above historical. We raise our FY 24 (Sep.) EPS to $10.00 from $9.92, lift FY 25’s to $11.28 from $10.91, and set FY 26’s at $12.75. We think QCOM is poised to be a major beneficiary of the ongoing shift of AI toward the device level over the next 12 months, potentially driving significant upside to our estimates. On the smartphone side, we see a better-than-expected iPhone 16 refresh cycle, content gains in future Samsung devices, and improving trends from China providers all supporting higher growth. In addition, we like QCOM’s growing addressable market opportunity, as Windows-based AI PCs gain traction with QCOM’s NPUs (QCOM previously had no share in PCs) and new IoT/industrial uses emerge over time. Not to be forgotten, we are also encouraged by QCOM’s growing automotive pipeline (now at $45B; up from $30B in September ’22), with auto to generate at least $4B in sales annually by FY 26.