Piper Sandler Qualcomm · QCOM

Piper Sandler Reiterates Overweight Rating on Qualcomm

1 min read Reproduced verbatim
Rating
Overweight
Unchanged
Target
$200
Outcome
Reached
on May 7, 2026
Piper Sandler and Qualcomm logos

What the analyst said

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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Where the price stands

QCOM trades at $165. The 14 analysts who set a target in the last 3 months range from $150 to $320, with a median of $183. This $200 target is 10% above the median.

Since the note QCOM has moved +11% (from $149). 12-month window: day 275 of 365, closes on February 5, 2027.

Track record

This call✓ Target reached on May 7, 2026, 3 months after the note.

Firm track recordPiper Sandler: 79% of its 38 targets at least a year old were reached within 12 months (#14 of 26 firms). Accuracy ranking →

Earnings reactionOne of 15 notes after Qualcomm’s Feb 4 results: 0 raised · 12 cut · 1 kept. See every call →

Piper Sandler on Qualcomm

Piper Sandler price targets on Qualcomm

3 calls from February 5, 2026 to November 5, 2026. The target went from $200 to $190 (−5%). The rating moved from Buy to Hold.

Piper Sandler targetQCOM share price
  1. November 5, 2026Kept the $190 targetHold$190
  2. September 10, 2026Downgraded to Hold, target cut from $200 (−5%)Hold$190
  3. February 5, 2026 This noteEarliest call shownBuy$200
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Other analysts on Qualcomm

TD CowenBuy Cut price target −8%, kept rating Nov 5 $185from $200 UBSHold Cut price target −3%, kept rating Nov 5 $180from $185 Morgan StanleyHold Cut price target −10%, kept rating Nov 5 $197from $220 JP MorganHold Cut price target −7%, kept rating Nov 5 $200from $215 BairdBuy Cut price target −20%, kept rating Nov 5 $320from $400
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Price Target is an archive of Wall Street analyst research, published for informational purposes only. Nothing on this site is investment advice, a recommendation, or an offer to buy or sell any security. Analyst ratings and price targets are the opinions of the issuing firms, not of Price Target. Always do your own research or consult a licensed financial adviser.