Cantor Fitzgerald Lowers Qualcomm Price Target to $160
Cantor Fitzgerald analyst C.J.
Muse lowered the price target on Qualcomm (NASDAQ: QCOM) to $160.00 while maintaining a Neutral rating.
“While we look for QCOM to offer a solid beat for the December Q, we look for the March Q guide to be modestly below consensus and soft June Q guide to come in well below consensus.
Moreover, based on Apple (QCOM has guided only 20% share of Apple in CY26, though likely a bit conservative) and parts of Samsung modem moving in-house (25% Galaxy S Series in-house) combined with shortages across DRAM, NAND, and Substrates resulting in China handsets likely tracking down at least 10% in CY26, we see a material reset coming for QCOM’s CY26 outlook.
To this end, we see CY26 Handset revenues tracking -20% in CY26 ($22.5B vs cons $25.0B), QCT revenues -10% ($34.5B vs cons $40.7B), and total revenues -9% ($40.0B vs cons $46.5B).
Thus, a likely meaningful reset to estimates this earnings cycle for all of CY26.
Put it all together, and in step with our 2026 Outlook (published December 14th, where we recommended avoiding Smartphone/PC unit stories), we remain on the sidelines and reiterate our Neutral rating.
And considering our vision for only $10 in earnings power in CY26, we are reducing our price target to $160 (16x CY26 EPS outlook).”
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