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.”
The price target and rating on this page are the opinion of the issuing research firm and its analyst, not of Price Target. This page is published for informational purposes only and is not investment advice, a recommendation, or an offer to buy or sell any security. Past performance does not guarantee future results. Consider your own circumstances and consult a licensed financial adviser before making investment decisions.
This research note is reproduced verbatim from the issuing firm. Price Target never edits, paraphrases or alters analysts’ words — we only republish them in one place.
