Analysts see 53% upside for QCOM as management doubles 2029 non-handset revenue goal to $40 billion.
Qualcomm shares, trading at $170.61, have been downgraded to a buy with a $260.52 price target, reflecting 52.7% potential upside. The revised outlook follows management’s decision to double its 2029 non-handset revenue target to $40 billion, including a $15 billion AI data center sales goal.
The stock has fluctuated sharply this year, dropping to a 52-week low of $121.54 in March before rallying to $258.96 in June. Q2 FY26 revenue reached $10.60 billion, with non-GAAP EPS of $2.65, beating expectations by 3.7%. Automotive revenue hit a record $1.326 billion, up 38% year-over-year, while handset sales declined 13% due to supply constraints.
Despite recent volatility, fundamentals remain strong, with AI-driven growth potential cited as a key catalyst for rerating.