Bernstein Lowers Qualcomm Price Target to $155

Bernstein SocGen Group analyst Stacy Rasgon lowered the price target on Qualcomm (NASDAQ: QCOM) to $155 (from $165) while maintaining a Market Perform rating.

“Will smartphones be the next PC? Qualcomm has been doing everything they can to be viewed as something other than a smartphone company.

And to their credit, the diversification story is working as auto and IoT grow, and now datacenter enters the mix.

That being said, handsets still unfortunately form the bulk of the company’s chipset sales, and every check seems to indicate a markedly worsening environment given the current memory dynamics.

We just saw the impact of this in the PC during Intel’s report with the worst sequential Q3 performance in decades for the end market, and we have to note that the same data for the smartphone market appears eerily similar.

While we do not believe Qualcomm was overshipping the market to the degree that the PC CPU players may have been in 2026, their current quarter handset guidance is well above market trends, and the company’s suggestion of “flattish” android revenues in FY27 looks tenuous to us, with Street handset outlook into next year quite aggressive.

As we get into FY28/29 it does seem plausible that datacenter growth can drive earnings higher. But we believe near term numbers still need a reset before we get there.

Lowering estimates, PT to $155 (15x, unchanged, on avg FY28/29 EPS); we rate QCOM MP.”

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