Wall Street Raises Qualcomm Target Prices Up to 300 USD as AI, Auto, Data Center Emerge as Growth Drivers

According to Benzinga, on June 24, Qualcomm unveiled a series of major milestones during an investor day in New York, prompting multiple Wall Street firms to significantly raise price targets. UBS raised its target from 170 USD to 235 USD; RBC Capital increased it to 250 USD, while Benchmark set it at 300 USD. JPMorgan raised its target to 265 USD, and Morgan Stanley—which previously rated the stock "sell"—upgraded to "neutral" and lifted its target from 146 USD to 231 USD, citing "completely wrong" prior assessments.

The catalyst: Qualcomm recently secured its largest-ever AI deal as ByteDance agreed to purchase millions of customized AI chips for data centers, sending the stock up 12% on the announcement. At the investor day, CEO Cristiano Amon projected non-smartphone revenue of 40 billion USD by 2029—nearly double prior guidance—with AI data centers expected to contribute approximately 15 billion USD annually. The company also announced the Dragonfly C1000 AI processor launching in 2028, a 3.9 billion USD acquisition of AI startup Modular, and a partnership with Meta. Auto chip revenue hit a record 1.33 billion USD last quarter, up 38% year-over-year.