Baird Raises Qualcomm Price Target to $400

Baird analyst Tristan Gerra raised the price target on Qualcomm (NASDAQ: QCOM) to $400 (from $300) while maintaining an Outperform rating.

“We view the accelerated Apple exit timeline as incrementally positive.

Revenue diversification is at a turning point, with data center revenue expected to reach $5B in F2027 (11% of our total revenue estimate) and handsets below 50% of total revenue each quarter next year.

We believe agentic-AI run smartphones could spell the beginning of a unit and content rebound starting in 2028. Outperform-rated.”

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