Evercore ISI Raises Qualcomm Price Target to $179

Evercore ISI analyst Mark Lipacis raised the price target on Qualcomm (NASDAQ: QCOM) to $179.00 (from $134.00) while maintaining an In Line rating.

“We reiterate our In-Line rating and update our Price Target to $179 reflecting a market multiple (S&P 500 currently 21x) on 2027 EPS of $9.40.

We are encouraged by the momentum QCOM has seen in its Auto revs which now surpass $5bn run-rate and will exit CY2026 at >$6bn-run-rate, well on track to company’s FY29 $9bn target.

We also think that the custom chip it announced for a hyperscaler, expected to ship in Dec-26Q, will help.

However, Handsets still represent ~2/3rds of overall revenues and are declining at an accelerating rate from 13% YY in Mar-26Q to 23% in Jun-26Q and 28% in the SepQ.

We expect AAPL to fall to 20% of revs driving AAPL Handset revs to decline by 66% YY in FY2027.

QCOM shares AH currently trade at 21x NTM EPS ex-AAPL, and we view the risk/reward as balanced at these levels.

Next catalyst to get more constructive will be the company’s upcoming Jun-24 2026 Investor Day where we expect to learn more about the company’s emerging Data Center silicon and Agentic handset strategy.”

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