Price Prediction: Qualcomm Has Over 50% Upside as AI Data Center Push Accelerates

Qualcomm (NASDAQ:QCOM) trades astatine $170.61 arsenic of the July 16 close, down 20.3% implicit the past period aft a crisp June rally faded. Our 24/7 Wall St. terms people for Qualcomm is $260.52, implying 52.7% upside implicit the adjacent 12 months. The proposal is bargain astatine a 90% assurance level.

24/7 Wall St. Price Target Summary

How QCOM Got Here: A Volatile Round Trip

Qualcomm has round-tripped dramatically. Shares deed a 52-week debased adjacent $121.54 successful March, past rallied to $258.96 precocious aft the June 24 Investor Day, wherever absorption doubled its 2029 non-handset gross people to $40 cardinal and acceptable a $15 cardinal AI information halfway income goal. That rally has faded, leaving the banal astir level twelvemonth to day astatine +0.77%.

Fundamentals stay healthy. Q2 FY26 gross was $10.60 cardinal and non-GAAP EPS came successful astatine $2.65, gathering expectations connected the apical enactment and beating by 3.67% connected the bottom.

Automotive deed a grounds $1.326 billion, up 38% YoY, portion handsets fell 13% connected representation proviso constraints and Chinese OEM transmission drawdowns. Polymarket traders delegate an 87% probability that Qualcomm beats its adjacent net study connected July 29.

The Case for $270+

The bull thesis rests connected Qualcomm becoming a credible 3rd subordinate successful hyperscaler customized silicon. CEO Cristiano Amon confirmed a customized silicon engagement with a starring hyperscaler is connected way for archetypal shipments successful the December quarter.

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Automotive is guided to 50% YoY maturation successful Q3, exiting FY26 astatine $6 billion+ tally rate. Analyst statement people sits astatine $222.73, but our bull-case script points to $269.05 if the information halfway ramp lands cleanly and China handsets bottommost connected schedule.

What Could Go Wrong

The carnivore lawsuit starts with lawsuit concentration. Qualcomm expects lone 20% stock of Apple phones launching autumn 2026, with nary narration beyond that. Handset gross fell 13% YoY, and Q3 FY26 guidance calls for a step-down to $9.2B-$10B successful gross and $2.10-$2.30 EPS.