RBC Slashes Qualcomm PT to $160 as Handset Slump Overshadows Cloud Wins
QCOM sits 26% above its 52-week low of $121.99.
Summary
Qualcomm's Q3 revenue fell 4% YoY to $9.9B, with handset chip sales plunging 20% to $5.09B, while automotive surged 61%. The results were already reported on July 29, but this update adds RBC Capital's sharp price target cut from $250 to $160, reflecting deepening concern over the core handset business. On the positive side, new timeline details emerged: Meta plans to adopt Dragonfly C1000 CPUs in 2028 and Microsoft Azure will use Qualcomm's High Bandwidth Compute architecture in mid-2027, reinforcing the diversification narrative. The handset weakness and analyst downgrade are likely to weigh on the stock near term, even as long-term cloud and auto deals progress.
At the time of this announcement, QCOM was trading at $153.23 on NASDAQ in the Technology sector, with a market capitalization of approximately $159.8B. The 52-week trading range was $121.99 to $259.92. This news item was assessed with negative market sentiment and an importance score of 7 out of 10. Source: Wiseek News.