Qualcomm (QCOM) stock has fallen 12.7% over the past week and 20.4% over the past month, though it is still up 29.3% over the past year. Wall Street’s analysts are neutral, with a 12‑month consensus price target of $187.78, below the last closing price of $197.41, effectively signaling a Hold stance.
Vivek Arya of BofA, a 4‑star analyst ranked 76 out of 12,266 with a 63.43% success rate and 31.5% average return, reiterated a Sell (Underperform) on QCOM on June 25, 2026 with a price objective of $195. Arya sees Qualcomm as a late entrant in a hyper‑competitive AI data center market and argues that recent stock strength already prices in roughly $10 billion of CY28 data center and AI sales.
Arya notes that Qualcomm’s Investor Day aims to show how, by the end of the decade, most sales could come from non‑smartphone areas such as data center and AI, autos, and edge AI/IoT. However, he warns that current data center revenues are minimal and execution risk is high given entrenched rivals like Nvidia, Broadcom, AMD, Marvell, Arm, and others, so he keeps Underperform despite raising the target from $165 to $195.
Joseph Moore of Morgan Stanley, a highly rated analyst ranked 139 out of 12,266 with a 60.85% success rate and 26.5% average return, upgraded QCOM from Underweight to Equal‑weight (Hold) on June 25, 2026 with a $231 price target. Moore highlights management’s guidance for $5 billion in AI revenue in FY27 and says this clearly moves Qualcomm into the AI beneficiaries camp, though he calls the three‑year ramp a “show‑me” story.
Kevin Cassidy, ranked 30 out of 12,266 with a 64.46% success rate and 46.6% average return, reiterated a Buy on June 25, 2026 and lifted his target to $265. Cassidy argues that Investor Day marked a turning point as Qualcomm broke free from Apple headwinds and outlined a data center revenue ramp from $5 billion in FY27 to $15 billion in FY29, alongside an FY29 EPS target above $18 and a sharp shift toward non‑handset revenues.
Cassidy points to data center growth driven by custom silicon, AI accelerators starting in the second half of FY27, and CPUs ramping in the second half of FY28, with two global hyperscalers expected to contribute more than $1 billion each in FY27. He also highlights raised FY29 targets of $10 billion in automotive revenue and over $14 billion in IoT, with handsets falling to roughly one‑third of QCT revenue and the stock trading at valuation multiples well below AI peers.
Harrison Bauer, ranked 8,417 out of 12,266 with a 30.77% success rate and a 0% average return, reiterated a Hold on June 24, 2026 while raising his price target from $160 to $190. Bauer notes Qualcomm nearly doubled its FY29 non‑handset target to about $40 billion, including over $15 billion of data center revenue, and expanded its total addressable market estimate to roughly $1.7 trillion by 2030, with a $1 trillion‑plus opportunity in data center alone.
Bauer emphasizes Qualcomm’s aggressive AI roadmap, including the Dragonfly C1000 server‑class CPU launching in 2028 with Meta as an anchor customer, new hyperscaler custom silicon wins starting to drive meaningful revenue from late 2026, and the AI250 and AI300 racks built around new chiplet and networking technologies. Even so, he maintains a Neutral view due to ongoing concerns about mobile market headwinds and sees upside risk but not enough conviction to move to a Buy.
Across these views, investors face a classic execution story: Qualcomm is promising a major shift from handsets to AI‑driven data center, automotive, and IoT revenues, but opinions differ on whether the market has already priced in this future. For those tracking every move, never miss a stock rating and find all the latest ratings on TipRanks’ Top Wall Street Analysts page.