**Shares of chip firm Qualcomm QCOM.O rise 12% to $221.12 premarket

** QCOM expects to generate $15 billion in sales from its data center business by 2029 as it moves beyond its core smartphone chips

** RBC Capital Markets raises PT to $250 from $175; maintains a 'sector perform' stance

** Brokerage sees progress particularly in QCOM's custom Application-Specific Integrated Circuit (ASIC) business, helping boost revenue growth despite smartphone headwind

** "Competition remains intense, and it's unclear how hyperscaler customers will prioritize ASIC/CPU procurement given the multitude of supply agreements" - RBC Capital Markets

** Co said on Wednesday it raised its fiscal 2029 non-handset revenue target to $40 billion, about double the prior target

** 47 analysts rate the stock "buy" on average; median PT is $1,300 - data compiled by LSEG

** Up to last close, stock up nearly 15% YTD