Barclays Reinstates Coverage on Qualcomm at Underweight

Barclays analyst Tom O’Malley reinstates coverage on Qualcomm (NASDAQ: QCOM) with an Underweight rating and a price target of $130.00.

“QCOM is one of the most susceptible names in our coverage to memory shortages and the rising pricing environment that likely has handsets down DD in CY26.

The Auto story is compelling, but the company is fighting a weaker global unit environment. IoT likely contributes more materially down the road but isn’t as impactful to fundamentals today.

We would expect the company to formalize a more concrete DC plan at the analyst day in June but there are just too many headwinds for the stock to work here.

We reinstate QCOM with an UW rating and $130 PT on 13x our CY27E EPS of $10.14.”

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