Qualcomm (QCOM) stock has fallen 4.3% over the past week, slipped 7.4% over the past month, and is down 16.2% over the last 12 months. Wall Street’s analysts are moderately bullish, forecasting a move toward an average 12‑month price target of $159.45, above the last closing price of $129.39.
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That gap between target and trading price suggests potential upside, but opinions are far from unanimous. One of the most recent and vocal bears is Jay Goldberg of Seaport Research Partners, who sees mounting challenges ahead despite the consensus ModerateBuy rating.
Jay Goldberg (Seaport Research Partners) downgraded QCOM to Sell on March 16, 2026 and cut his price target to $100.00, signaling meaningful downside from current levels. In his note, titled “The Incredible Shrinking TAM,” Goldberg warns that Qualcomm’s total addressable market is likely to shrink this year.
According to Goldberg, a looming memory crunch could hit Qualcomm’s customers hardest, weakening demand for the company’s chips and related products. At the same time, he expects Qualcomm to lose market share even as that addressable market gets smaller, a double blow that underpins his bearish stance.
This N‑star analyst ranks 10,422 out of 12,068 on TipRanks, with a 23.53% success rate and an average return of -8.40% per rating, figures investors may weigh when considering his call. Never miss a stock rating. Find all the latest ratings on TipRanks’ Top Wall Street Analysts page.