Analyst Reaffirms Buy on Qualcomm, Lifts Price Target from $150 to $200 on Trough EPS Upside and Diversification Beyond Handsets

In a report released yesterday, Joshua Buchalter from TD Cowen maintained a Buy rating on Qualcomm, with a price target of $200.00.

Joshua Buchalter has given his Buy rating due to a combination of factors, starting with the view that current earnings and sentiment likely reflect a trough, while his model still supports about $10 in EPS by fiscal 2027 even under conservative handset assumptions. At roughly 18x that trough earnings level, he sees an attractive risk‑reward profile, especially as the official price target is raised from $150 to $200 to reflect this upside potential.

At the same time, he notes that handset weakness and shrinking Apple modem share are well understood and increasingly offset by Qualcomm’s progress in auto, IoT, and emerging data‑center opportunities. He highlights accelerating auto revenue, solid IoT traction, and a new multi‑generation custom silicon win with a major hyperscaler as drivers that can layer on top of the core business over time, providing incremental earnings power that is not yet fully embedded in expectations.