Qualcomm (QCOM) Stock Fair Value Edges Lower As Analysts Trim Targets Sasha Jovanovic Mon, November 9, 2026 at 11:20 AM EST 4 min read QCOM +6.01% AAPL +2.06% UBS +2.19% Explore stocks on Coinbase Trading disclosure Trading disclosure The above button links to Coinbase. Yahoo Finance is not a broker-dealer or investment adviser and does not offer securities or cryptocurrencies for sale or facilitate trading. Coinbase pays us for certain activity generated through this link. Prices displayed are informational.
Qualcomm has seen its fair value estimate adjusted from US$194.13 to US$185.79, which feeds into a broadly more measured set of price targets across recent research. Analysts are trimming those targets while still highlighting long term potential tied to data center, automotive and IoT growth, as well as Qualcomm's role in smartphones and its renewed licensing agreement with Apple. As you read on, you will see how these shifting targets and opinions can help you track the evolving Qualcomm narrative and refine your own view.
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Several firms, including UBS and Baird, point to Qualcomm's exposure to data center AI, automotive and IoT as important growth drivers over time, with UBS highlighting support for longer term EPS acceleration as non handset businesses gain profit share.
RBC Capital describes Qualcomm's agreement with Amazon as a positive sign for the data center AI push, while Baird argues that the renewed Apple licensing deal underscores the strength of Qualcomm intellectual property in smartphones.
Across recent reports, firms such as Morgan Stanley, Mizuho, Susquehanna, UBS, Barclays, Bernstein and BofA have lowered Qualcomm price targets, citing a mix of weaker smartphones, higher input costs and pressure on gross margins.
Barclays and BofA both flag handset weakness as an important constraint, while Susquehanna points to Apple modem share losses and a growing custom ASIC mix that weighs on profitability even as the data center ramp continues.
Piper Sandler, which started Qualcomm at Neutral with a US$190 target, sees a tricky road for the company in crowded XPU and CPU markets and is looking for more design wins to gain confidence in its HBC technology.
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Qualcomm and SpaceX agreed a multiyear partnership for Starlink Mobile, with Qualcomm supplying Dragonwing cellular infrastructure platforms such as QRU100 and QDU100 hardware for a planned nationwide 5G network rollout starting in 2027.
Qualcomm reported fiscal Q4 results slightly ahead of Wall Street expectations, with adjusted EPS of US$2.17 on revenue of US$10.32b, while automotive revenue grew between 61% and 89% and handset chip sales fell around 26%.
After issuing cautious fiscal Q1 2027 profit guidance and broader fiscal 2026 commentary, Qualcomm shares declined roughly 6% to 12% around the Q4 report and roughly 9% to 11% following weaker than expected Q1 2027 guidance.
Qualcomm is expanding in AI data center markets with its High Bandwidth Compute technology and Dragonfly portfolio, plans to fold data center results into the Qualcomm CDMA Technologies division from fiscal 2027, and renewed its global patent license agreement with Apple while announcing a multigeneration AI data center collaboration with Amazon.
Fair value estimate reduced from US$194.13 to US$185.79.
Long term revenue growth assumption adjusted from 10.85% to 13.26%.
Net profit margin input moved from 19.09% to 19.66%.
Future P/E multiple revised from 23.34x to 22.47x.
Narratives link Qualcomm's business story to a financial forecast and fair value, so you can see how new information feeds into expectations. They update automatically as fresh data, guidance and news come through.
Head over to the Simply Wall St Community and follow the Narrative on QUALCOMM to stay up to date on:
How Qualcomm aims to grow non handset QCT revenue to US$40b by fiscal 2029 as AI devices, automotive, industrial IoT and data center become a larger share of the business mix.
The role of large programs such as the AWS custom silicon and optical connectivity agreement and Qualcomm's High Bandwidth Compute architecture in supporting new data center revenue targets.
Key risks including competition from in house chips at major OEMs, reduced Apple related revenue and the possibility that data center and AI diversification efforts do not ramp as planned.
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Companies discussed in this article include QCOM.
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