BofA Securities Assumes Coverage on Qualcomm at Underperform

BofA Securities analyst Vivek Arya assumes coverage on Qualcomm (NASDAQ: QCOM) with an Underperform rating and a price target of $145.00.

“We reinstate coverage of Qualcomm with an Underperform rating and a $145 PO due to lukewarm +2%/+1% sales/EPS CY25-28E CAGR vs. semis at +17%.

QCOM is a leader in smartphone processors but it’s a mature industry with downside risks from rising memory prices and QCOM’s well-known imminent ~$7-8bn loss of Apple business.

QCOM has diversified into auto/IoT and plans to enter AI data center, but benefits could be insufficient to offset mobile headwinds.

Our $145 PO is based on 13x CY27E pro-forma PE ex SBC (or 17x including), at a discount to broader semis.

Upside risks are QCOM’s entry into large (but highly competitive) AI data center market with an analyst event planned for 1H26.”

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