Goldman Sachs analyst James Schneider initiates coverage on Qualcomm (NASDAQ: QCOM) with a Neutral rating and a price target of $135.00.

“Key stock takeaways: We initiate coverage of QCOM with a Neutral rating and 12-month price target of $135 (~4% upside).

Qualcomm is a fabless chip designer widely known for its Snapdragon smartphone processors.

The company is actively working to diversify its revenue stream by leveraging its IP to serve adjacent markets including automotive, PCs and datacenters.

In short, we see the company’s market diversification efforts being partly offset by share loss at key smartphone customer accounts (Apple and Chinese OEMs) which we believe act as a headwind to Qualcomm’s fundamentals.

Our FY25-28 EPS estimates are ~3% above Street, and with the stock trading at 12X (2X below its 3-year median) we see a balanced risk/reward for the stock at these levels.”

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Tracking this call

Since this note+42% QCOM $127.11 → $181.03 (Oct 7) · target reached

This call at 6 months✓ Target reached on Apr 17, 2026, 18 days after the note.

Firm track recordGoldman Sachs reached 78% of its 36 scored targets within six months (#5 of 31 firms). Accuracy ranking →

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Other Qualcomm notes

BernsteinHold Kept rating and price target · Sep 25 $165maintained StoneXBuy Kept rating and price target · Sep 15 $270maintained Piper SandlerHold Initiated coverage · Sep 10 $190 StoneXBuy Kept rating and price target · Sep 9 $270maintained KeyBancUnknown Kept rating and price target · Sep 9 $160maintained
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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.