Our Qualcomm (NASDAQ:QCOM | QCOM Price Prediction) 24/7 Wall St. price target points to $258.16 over the next 12 months, implying 41.1% upside from the $182.97 close on July 7, 2026. Our recommendation is buy, with a model confidence level of 90%. After a sharp June pullback, Qualcomm’s data center pivot and automotive strength look under-priced.
| Metric | Value |
|---|---|
| Current Price | $182.97 |
| 24/7 Wall St. Price Target | $258.16 |
| Upside | 41.1% |
| Recommendation | BUY |
| Confidence Level | 90% |
The Selloff That Set Up the Setup
Qualcomm has been on a rollercoaster. Shares rallied from a March low of $129.39 to $220.81 by mid-June, then gave back 15.27% over the past month as a broad semiconductor selloff on July 7 knocked peers like AMD (NASDAQ:AMD) and Applied Materials (NASDAQ:AMAT) sharply lower. YTD, QCOM is still up 8.07%, and one-year performance sits at 18.18%.
The most recent earnings report on April 29, 2026 delivered the fourth straight EPS beat: Non-GAAP EPS of $2.65 on revenue of $10.599 billion. Handsets fell 13% YoY on memory supply constraints, but Automotive surged 38% to a record $1.326 billion. On July 6, Qualcomm unveiled the Dragonfly C1000 CPU and AI300 inference accelerator, reinforcing the data center narrative.
The Case for the Bull Scenario
The bull case rides on Qualcomm’s Investor Day pivot. On June 24, management doubled its 2029 non-handset revenue target to $40B and set a $15B AI data center sales goal. Reddit sentiment spiked to 76 (bullish) the same week. Benchmark responded with a Buy rating and a $300 price target, citing data center opportunities and a possible Modular Inc. acquisition. Mizuho lifted its target to $210.
CEO Cristiano Amon confirmed hyperscaler custom silicon shipments remain on track for late calendar 2026, and Qualcomm expanded its Hugging Face partnership to reach 16 million developers. If data center revenue ramps on schedule, our bull case fair value sits at $267.31, with Benchmark’s $300 defining the stretch scenario.
What Could Go Wrong
Q3 FY26 guidance calls for revenue of just $9.2B to $10B and EPS of $2.10 to $2.30, and consensus expects a 33.2% YoY EPS decline when Qualcomm reports on July 29, 2026. Insider selling has been heavy: CEO Amon disposed of 20,000 shares in early May near $180 to $185, and the CFO trimmed roughly 7,969 shares across April to June.
Apple modem in-sourcing and China exposure remain structural risks. That said, most executive sales appear to follow Rule 10b5-1 programs tied to RSU vesting, and bulls would argue the near-term handset dip is more inventory than demand. Our bear case still lands at $213.53, above today’s price.
What to Watch Into July 29 Earnings
Our 24/7 Wall St. price target is $258.16, our recommendation is buy, and my confidence is 90%. The tipping factor: even the bear case implies a positive return, and the June selloff has rebased valuation to a forward P/E of 16x. The setup strengthens if the July 29 earnings report validates sequential handset recovery and initial data center shipments.
The thesis weakens if China revenue slips further or hyperscaler timelines slip into 2027. On balance, Qualcomm looks like a rare AI infrastructure name still trading at a reasonable multiple.
Looking further ahead, here is where our model projects QCOM could trade, assuming current growth trajectories and margin expansion from the non-handset mix shift hold.
| Year | 24/7 Wall St. Price Target |
|---|---|
| 2026 | $258.16 |
| 2030 | $477.30 |
These projections assume Qualcomm executes on its $40B non-handset target and $15B data center goal by 2029. Significant upside or downside could result from hyperscaler adoption speed or a deeper China trade rupture.
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