Qualcomm Stock Jumps 10% as Morgan Stanley Raises Target to $231, Upgrades on AI Data Center Pivot

According to TheFly, Qualcomm (QCOM) shares soared nearly 10% in Thursday's opening trade following the company's Investor Day on Wednesday, as Wall Street embraced its AI data center strategy.

Morgan Stanley upgraded Qualcomm to 'Equal Weight' from 'Underweight' and raised its price target by 58% to $231 from $146, with analyst Joseph Moore acknowledging the firm had "been wrong to be skeptical." Moore noted Qualcomm's projection for $5 billion in AI data center sales by fiscal 2027 positions it among AI beneficiaries. Rosenblatt raised its price target to $265 from $190 and reiterated 'Buy', calling the investor day a "definitive turning point." At the event, Qualcomm announced multi-generation supply agreements with Meta for Dragonfly C1000 data center CPUs and with Microsoft for High Bandwidth Compute chips for Azure infrastructure. The company also unveiled fiscal 2029 guidance targeting over $15 billion in data center revenue, up from no prior data center guidance.