Analysts see 41% upside for QCOM shares after record $1.3B automotive revenue and new AI data center chip debut.
Qualcomm’s stock received a $258 price target, implying 41.1% upside from its $182.97 close on July 7, 2026, driven by record $1.3 billion automotive revenue and a new AI data center chip launch. The valuation reset to a 16x forward P/E follows a July semiconductor selloff that dragged peers like AMD and Applied Materials lower.
Shares fell 15.27% in the past month but remain up 8.07% year-to-date and 18.18% over one year. The April 29, 2026 earnings report marked the fourth straight EPS beat, with non-GAAP EPS of $2.65 on $10.599 billion revenue, despite a 13% YoY handset decline due to memory supply constraints.
The bear case still prices shares at $214, with July 29 earnings serving as a key test for handset recovery and data center timing. Automotive growth and AI infrastructure positioning are seen as undervalued catalysts.