Qualcomm (QCOM) stock has surged 14.4% over the past week, 58.9% over the past month, and 42.9% over the past year, making it one of the more eye-catching moves in the semiconductor space. Yet Wall Street’s analysts remain cautious overall, with a 12‑month consensus rating of Hold and an average price target of $172.80, below the recent close of $202.55.
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The most notable recent shift comes from Louis Miscioscia of Daiwa Capital Markets America, who upgraded QCOM to Buy on May 7, 2026 and lifted his price target to $225 from $140. Based on a share price of $192.57 at the time of his report, Miscioscia sees roughly 16.8% upside as investors reassess Qualcomm’s valuation in light of new growth drivers.
Miscioscia argues that Qualcomm could be the next big semiconductor name to see its price-to-earnings ratio reset higher, drawing parallels to Arm and Intel’s AI-driven reratings. He highlights that Qualcomm is set to generate data center CPU revenue in the fourth quarter of 2026 from a major hyperscaler, positioning the company to benefit from demand for Arm-based AI CPUs while still trading at one of the lowest valuations in his semiconductor coverage.
Beyond data centers, the analyst points to strong momentum in automotive and Internet of Things businesses as key pillars of the story. Auto revenue reached $1.3 billion in the second quarter, up 38%, implying a $5 billion run rate and a projected exit at $6 billion for fiscal 2026, while Physical AI and IoT already generate about $7 billion in revenue with room to grow as car automation technologies spill over into other devices.
Handsets remain a weak spot, with revenue down 13% and Chinese customers still trimming inventory, but Miscioscia believes this should bottom in the third quarter before recovering into the fourth. Despite Qualcomm’s expectation that its share of Apple’s fall launch will shrink and related chip revenue will taper, he sees the company at a turning point, supported by diversified growth and a modest valuation, and notes his own strong track record as an analyst ranked 928 out of 12,187 on TipRanks, with a 64.63% success rate and a 23.9% average return per rating. Never miss a stock rating. Find all the latest ratings on TipRanks’ Top Wall Street Analysts page.