Price Prediction: Qualcomm Stock Will Trade at This Price in 2028

Qualcomm (NASDAQ:QCOM | QCOM Price Prediction) just did something I did not expect this year. Shares rose 27.2% in a single week and sit at $248.82, with the stock up 46.41% year to date.

CEO Cristiano Amon told investors last month, “We are in a period of profound industry transformation, the rise of AI agents is reshaping our roadmap across every platform we develop.” The question I want to answer: can Qualcomm reach $400 per share by 2028?

What Held Qualcomm Back Before This Rally

For most of the first quarter of 2026, Qualcomm was the semi nobody wanted. The stock bottomed near $129.39 in March on memory supply constraints and Chinese OEM softness. Handset revenue, still the largest line, fell 13% year over year to $6.024B in Q2 FY26.

Q3 guidance calls for revenue of just $9.2B to $10B and EPS of $2.10 to $2.30, a step down sequentially. With a beta of 1.493, the stock magnifies any wobble. Add in the long-running Apple modem vertical integration risk and you have the reason this name traded like a value trap for months.

Wall Street Sees Downside. Our Model Sees 37%+ Upside

Here is where consensus and I part ways. The Street’s average target is $177.81, well below today’s price, with 1 Strong Buy, 10 Buy, 22 Hold, 2 Sell, and 2 Strong Sell ratings. Only 30% of analysts are bullish.

Our 24/7 base case for 2028 is $340.92, the bull case $375.82, with a 90% confidence read. Analysts have not absorbed the data center pivot. Qualcomm grew quarterly earnings 173% year over year and combined Auto plus IoT climbed 27% in FY25. The Hold-heavy book looks stale to me.

The Path to $400 Per Share

Reaching $400 from today’s price of $248.82 would require a gain of 60.8%. With forward EPS of $14.54, a price of $400 implies a forward P/E of 28x. Our base case of $340.92 already embeds an implied P/E of 21x, meaning the bold target requires 7x of additional multiple expansion.

Can that happen? The 247Factor adjustment of 1.113 is driven by a technology sector multiplier of 1.15 and a 1.73 YoY earnings growth contribution. The hyperscaler custom silicon engagement Amon flagged ships later this calendar year, and the June 24 Investor Day on Data Center and Physical AI is the catalyst that could re-rate this name from a handset cyclical to an AI infrastructure compounder.

A $20B buyback authorization only tightens the float. The main risk is that data center execution slips and Apple’s modem exit lands harder than expected.

Where Qualcomm Trades Today vs Its Earnings Power

At $248.82 against forward EPS of $14.54, Qualcomm trades at a forward P/E of 17x. That is a discount to the broader semi tape and reflects a market still pricing this as a handset company. Shares sit just below the 52-week high of $258 and well above the low of $121.99. Over ten years, QCOM has returned 488.57%. If the data center thesis gains credibility, 17x is the floor.

Is $400 Realistic? My Verdict

$400 by 2028 demands a 60.8% gain from here, and that is a stretch on top of a stock that already ran 67.16% in the last month.

For it to work, three things must go right: the hyperscaler silicon deal must ramp on schedule, Automotive must keep compounding off the 38% YoY Q2 pace, and the multiple must re-rate toward an AI infrastructure peer group.

A faster-than-expected Apple modem cliff would derail it. Returns at this level shouldn’t be expected every year, but we’ve outlined the blueprint for how Qualcomm could reach $400 in 2028.