Qualcomm shares dropped more than 9% over five days following its earnings report. On July 30, fourteen Wall Street analysts updated their 12-month outlooks for the semiconductor giant.
Tristan Gerra of Baird stuck with an Outperform rating and raised his price target from $300 to $400. At the current share price near $146.72, this implies a potential gain exceeding 170%. Baird sees Qualcomm’s decreasing reliance on Apple as a growth driver and projects data center revenue to hit $5 billion by fiscal 2027, accounting for nearly 11% of total revenue. The firm also anticipates AI-powered smartphones could spark a handset upgrade cycle starting in 2028.
Other analysts took a more cautious tone. Rosenblatt’s Sajal Dogra kept a Buy rating but cut the target from $265 to $235. Goldman Sachs’ James Schneider and Morgan Stanley’s Joseph Moore both downgraded their price targets and assigned Hold ratings. TD Cowen’s Joshua Buchalter initiated coverage with a Buy but lowered the target to $175. Benchmark’s Cody Acree also trimmed his target to $270 while maintaining a Buy. Barclays’ Thomas O’Malley kept a Sell rating with a reduced target of $180. Several others from UBS, Citigroup, and RBC Capital issued Hold ratings.
