Qualcomm (QCOM) stock has fallen 15.4% over the past year, slipping 9.9% in the last month but edging up 0.5% over the past week. Wall Street’s analysts are neutral, with a Hold consensus and a 12‑month average price target of $157.86, implying moderate upside from the last close near $130.54.
Claim 30% Off TipRanks
- Unlock hedge fund-level data and powerful investing tools for smarter, sharper decisions
- Discover top-performing stock ideas and upgrade to a portfolio of market leaders with Smart Investor Picks
Stacy Rasgon (Bernstein) downgraded (QCOM) to Hold on March 26, 2026, cutting the price target from $175 to $140, which still suggests upside from current levels. His call reflects a shift from long‑time optimism to caution as he sees the near‑term outlook darkening despite Qualcomm’s execution.
Rasgon argues that growing memory headwinds across the industry could hit overall smartphone shipments, with potential double‑digit unit declines this year. He believes this impact, combined with what he calls “astonishingly lazy” modeling of the Apple roll‑off by other analysts, means current earnings expectations are too high.
The analyst also highlights several narrative risks that could cap investor enthusiasm for (QCOM). These include uncertainty around the Apple license agreement expiring in about a year, shifting Samsung share dynamics, and doubts that buybacks or a data center story will offset weakness in smartphones.
Even so, Rasgon notes (QCOM) shares remain extremely cheap on his estimates, trading below many “actual AI winners” that command under 15x earnings on what he considers realistic numbers. This N‑star analyst ranks 144 out of 12,068, with a 62.54% success rate and 29.6% average return per rating, adding weight to his cautious but valuation‑aware stance.
Never miss a stock rating. Find all the latest ratings on TipRanks’ Top Wall Street Analysts page.