Mizuho Raises Qualcomm Price Target to $210
Mizuho analyst Vijay Rakesh raised the price target on Qualcomm (NASDAQ: QCOM) to $210.00 (from $170.00) while maintaining a Neutral rating.
“QCOM hosted its 2026 Investor Day.
Key Points: 1) QCOM announced incremental >$15B data center revenue by F29E, up ~50x with Dragonfly portfolio of AI accelerators, CPUs, DSP, custom silicon, 2) Auto revs expected to ramp toward $10B by F29E (up from $8B prior), with auto pipeline at >$65B (up from 2024’s >$45B) with Snapdragon Digital Chassis, sensors, and ADAS L2+ driving content growth, 3) IoT growing with robotics, personal AI, as key verticals with QCOM targeting $14B revs by F29E, and 4) total non-handset revs expected to climb to $40B by F29E (nearly 2x from prior $22B target) representing 40% CAGR (F25-29E), with handset exposure potentially dropping <1/3 of revs (est. ~$20B).
Reiterate Neutral, raise estimates and PT to $210 from $170, as we see headwinds in consumer handsets offset by potential longer term DC/Auto/IoT ramps."
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