Mizuho Raises Qualcomm Price Target to $170
Mizuho analyst Vijay Rakesh raised the price target on Qualcomm (NASDAQ: QCOM) to $170.00 (from $140.00) while maintaining a Neutral rating.
“QCOM reported an in-lline MarQ at $10.6B and guided JunQ below consensus to $9.6B, down 9% q/q with softer handsets.
Key Highlights: 1) JunQ QCT guided down 10% q/q with Handsets down 18% q/q with QCOM under-shipping slowing China Handset OEMs and SepQ handset rebound, though we believe with iPhone loss and modest China handsets this could still be a challenge, 2) we continue to see 2026E handset shipments down ~10% y/y (Link) and China OEMs potentially down 10-20% y/y, 3) JunQ Autos up ~11% q/q with SD Drive Cockpit, and IoT up 5% q/q with stronger industrial, and 4) Sees DecQ first Custom Silicon for hyperscaler.
Maintain Neutral, Adjusting estimates, PT to $170 from $140 as we see QCOM continued handset headwinds and Optimism on “ASIC” starting DecQ driving stock upside in AH.
QCOM is hosting Jun24 NYC investor day detailing the data center opportunity.”
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