RBC Capital Lowers Qualcomm Price Target to $150
RBC Capital analyst Srini Pajjuri lowered the price target on Qualcomm (NASDAQ: QCOM) to $150.00 (from $180.00) while maintaining a Sector Perform rating.
“Memory Tightness Drives Weaker Outlook; QCOM reported a decent quarter but its 2QF26 outlook fell short as Memory tightness appears to be impacting smartphone builds.
Other segments are faring well with particular strength in Auto.
Looking ahead, we expect subdued topline growth due to the impact from higher Memory prices and ongoing share shifts at Apple and Samsung.
Management plans to provide further details on Data Center/AI product roadmap at its upcoming investor event, which could help the sentiment.
However, meaningful revenue contribution could take time especially given QCOM’s size. We lower estimates and do not see many immediate catalysts. Maintain Sector Perform.”
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