Qualcomm’s Next Rally May Be Closer Than Investors Think

1 month ago 15

Vandita Jadeja

Thu, July 9, 2026 astatine 7:30 AM CDT 4 min read

Quick Read

QCOM rates BUY with a $258 people and 41% upside, backed by grounds $1.3B automotive gross and a caller AI information halfway spot launch.
AMD and AMAT joined QCOM successful July's semiconductor selloff, resetting Qualcomm's valuation to a 16x guardant P/E uncommon among AI infrastructure names.
Qualcomm's carnivore lawsuit inactive prices astatine $214 supra today's $183, with July 29 net the cardinal trial for handset betterment and information halfway timing.
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Our Qualcomm (NASDAQ:QCOM) 24/7 Wall St. terms people points to $258.16 implicit the adjacent 12 months, implying 41.1% upside from the $182.97 adjacent connected July 7, 2026. Our proposal is buy, with a exemplary assurance level of 90%. After a crisp June pullback, Qualcomm's information halfway pivot and automotive spot look under-priced.

The Selloff That Set Up the Setup

Qualcomm has been connected a rollercoaster. Shares rallied from a March debased of $129.39 to $220.81 by mid-June, past gave backmost 15.27% implicit the past period arsenic a wide semiconductor selloff connected July 7 knocked peers similar AMD (NASDAQ:AMD) and Applied Materials (NASDAQ:AMAT) sharply lower. YTD, QCOM is inactive up 8.07%, and one-year show sits astatine 18.18%.

The astir caller net study connected April 29, 2026 delivered the 4th consecutive EPS beat: Non-GAAP EPS of $2.65 connected gross of $10.599 billion. Handsets fell 13% YoY connected representation proviso constraints, but Automotive surged 38% to a grounds $1.326 billion. On July 6, Qualcomm unveiled the Dragonfly C1000 CPU and AI300 inference accelerator, reinforcing the information halfway narrative.

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The Case for the Bull Scenario

The bull lawsuit rides connected Qualcomm's Investor Day pivot. On June 24, absorption doubled its 2029 non-handset gross people to $40B and acceptable a $15B AI information halfway income goal. Reddit sentiment spiked to 76 (bullish) the aforesaid week. Benchmark responded with a Buy standing and a $300 terms target, citing information halfway opportunities and a imaginable Modular Inc. acquisition. Mizuho lifted its people to $210.

CEO Cristiano Amon confirmed hyperscaler customized silicon shipments stay connected way for precocious calendar 2026, and Qualcomm expanded its Hugging Face concern to scope 16 cardinal developers. If information halfway gross ramps connected schedule, our bull lawsuit just worth sits astatine $267.31, with Benchmark's $300 defining the agelong scenario.

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