RBC Capital Raises Qualcomm Price Target to $175

RBC Capital analyst Srini Pajjuri raised the price target on Qualcomm (NASDAQ: QCOM) to $175.00 (from $150.00) while maintaining a Sector Perform rating.

“QCOM’s 3QFY26 outlook fell well short of consensus.

We attribute the stock’s after market rally to management’s commentary that 3Q is likely the bottom for China handset builds, and more importantly, management announcing a custom silicon win at a major hyperscaler with shipments starting in Dec-26Q.

Management plans to provide additional details at its upcoming investor day.

Based on limited CoWoS / HBM data points, we suspect it is either a custom CPU or an LPU-like inference solution (SRAM-based) for either META or MSFT.

We lower estimates, raise PT, and remain on sidelines as we await further details.”

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