Analysts see 36% upside for QCOM shares at $204.13 despite an 8% pre-Investor Day drop and automotive growth.
Qualcomm’s stock fell 8% ahead of its Investor Day, trading at $204.13, but analysts set a 12-month target of $278.13, implying 36% upside. The firm cited high conviction in the call, supported by strong automotive revenue and buyback plans.
Automotive revenue reached a record $1.33 billion, up 38% year-over-year, while combined automotive and IoT segments grew 20%. Handset revenue declined 13% YoY, but eight consecutive EPS beats and a $20 billion buyback authorization bolster the outlook. Shares remain volatile amid concerns over a $4 billion AI software deal and an $8-$10 billion bid for Tenstorrent.
Year-to-date, QCOM is up 20.57%, though it has dropped 4.64% over the past week and 13.96% over the past month. Q2 FY26 revenue of $10.60 billion and non-GAAP EPS of $2.65 both exceeded expectations, reinforcing fundamentals despite recent pressure.