Benchmark Raises Qualcomm Price Target to $225

Benchmark analyst Cody Acree raised the price target on Qualcomm (NASDAQ: QCOM) to $225.00 (from $200.00) while maintaining a Buy rating.

“Qualcomm shares jumped about 12% after hours as investors looked past another Street-missing June-quarter guide and instead focused on two issues: first, the significance of the newly disclosed leading hyperscaler custom silicon engagement due to begin shipping later this calendar year; second, whether the China Android memory-driven correction is finally reaching a trough.

While somewhat on the aggressive end of our comfort level, broadly we think the market reaction makes sense.

The June guide is clearly soft, but it reflects a temporary supply and cost distortion in lower-tier Android rather than erosion in Qualcomm’s premium handset positioning, while the hyperscaler announcement materially improves the odds that investors begin valuing Qualcomm against a broader AI infrastructure and edge compute framework.

Accordingly, we reiterate our Buy rating and are increasing our price target to $225 from $200, or 20.9x our new FY27 EPS estimate of $10.75.”

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