It's time for investors to buy Qualcomm , according to Credit Suisse. Analyst Chris Caso initiated the stock with an outperform rating, saying it's a good pick for investors limiting near term risk compared to other chip names. "We think QCOM possesses more short-term security vs. others (since Android has already corrected and QCOM is shipping below consumption), there's a revenue catalyst from Samsung share gains in CY23, medium-term optionality (should they sign a contract with AAPL for the iPhone modem beyond iPhone 15), and a longer-term catalyst from auto," Caso wrote in a Tuesday note. The analyst expects that investors have priced in enough bad news for Qualcomm, and that the stock has limited downside from here after losing roughly 31% in 2022 amid a broader pullback in semiconductor names. Instead, the analyst expects that Qualcomm will outperform from here, setting a $150 price target on the stock that implies 19% upside from Tuesday's closing price of $126.02 per share. Caso said that chip names are in a "period of sustained long-term growth" as companies expand further into artificial intelligence, cloud computing and automotive technologies, and he expects more growth ahead in automotive chips for Qualcomm. "We believe the design win traction in auto should help the multiple longer term since it serves to diversify QCOM's revenue stream, and though the revenue catalyst is out in time (due to long auto design cycles), visibility is very high," Caso wrote. The analyst also initiated coverage of other semiconductor names with outperform ratings that he says are longer-term growth names, such as Nvidia, Marvell, Advanced Micro Devices and Monolithic Power. —CNBC's Michael Bloom contributed to this report.