After “a period of restriction,” JPMorgan is bullish again on Qualcomm . Analyst Samik Chatterjee reinstated his outlook on Qualcomm with an overweight rating. His price target of $185 per share suggests 25.3% upside potential from Monday’s close. JPMorgan previously held a not-rated designation on the company. “There are near-term concerns around the pull-forward of smartphone demand, both from the channel as well as by consumer upgrades, that are leading us to be cautious in relation to the near-term financials for the company,” Chatterjee wrote in a client note Tuesday. However, “we remain convinced around the long-term opportunity for the company in relation to a re-rating stemming from a successful diversification from smartphone revenues,” he added. Qualcomm also has revenues from its internet of things and autos segment, which give it the added benefit of diversification compared to smartphone supplier pure plays, according to the analyst. Chatterjee added that the company’s 2021 acquisition of Nuvia, a startup specializing in chip design, also suggests “incremental interest” in venturing out into data centers. There is a “long-term opportunity for a re-rating of the shares from the accelerating diversification of the company to a higher mix of revenues stemming from non-smartphone markets, with PCs, IOT, and Autos all becoming significantly more material to the company by the end of the decade,” Chatterjee wrote. Shares are down 3.9% in 2025. — CNBC’s Michael Bloom contributed to this report.