RBC Capital Raises Qualcomm Price Target to $180
RBC Capital analyst Srini Pajjuri raised the price target on Qualcomm (NASDAQ: QCOM) to $180 (from $160) while maintaining a Sector Perform rating.
“AMZN deal a positive even if not entirely incremental; We are encouraged by QCOM’s strategic agreement with AMZN as it should help the company establish a foothold in the important data center AI segment.
The agreement de-risks management’s data center revenue targets for FY26/27 to an extent and gives us higher conviction in the company’s longer-term opportunities in the AI market.
On the other hand, management is maintaining its FY26/27 revenue targets, implying that today’s disclosure is mostly a formalization (and/or an extension) of a prior agreement.
In addition, AMZN’s data center silicon needs are currently served by multiple suppliers (MRVL, Alchip, ALAB, etc.), which makes allocation dynamics less clear.”
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