Piper Sandler Reiterates Overweight Rating on Qualcomm
Piper Sandler analyst Harsh Kumar reiterated an Overweight rating and $200.00 price target on Qualcomm (NASDAQ: QCOM).
“QCOM reported mixed results for December 2026 quarter coming in above expectations, but the March guidance was significantly hindered by memory shortages; in particular to Chinese OEMs who cut their supply forecast.
Outside the handset business, which will be down sharply to the tune of 22% sequentially in the March 2026 quarter, the other key businesses such as Automotive and IOT continue to exhibit extremely strong growth.
We suspect that the tight memory conditions will lead to tight handset supply conditions for the foreseeable future and as such we are not building a meaningful recovery in the forecast through September 2027.
Additionally, we note that 2027 will also be impacted by Apple agreement.
Last, QCOM is expected to provide clarity around its DC strategy and ramp during its analyst day which is likely to provide a boost to estimates. Reiterate OW rating and PT to $200 (~18x CY27E EPS).”
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