(Updated - September 10, 2026 5:35 AM EDT)

Piper Sandler analyst David O'Connor initiates coverage on Qualcomm (NASDAQ: QCOM) with a Neutral rating and a price target of $190.00.

The analyst comments "QCOM has been late to the Datacenter party, but we are still in the early innings of an AI multi-year growth story and currently the AI market is compute-starved. Management has put together a compelling set of Hyperscaler design-wins across custom silicon, Accelerators and CPU Server through FY29E, by which stage Handsets will have fallen to ~50% of EBIT. Datacenter wins will account for ~26% of FY29E revenues and drive a 4- year EPS CAGR of 16%, reaching ~$15 earnings power in FY29E. Using the company 5- year average P/E multiple of 14x, we value the stock on FY29E and set our PT to $190. Initiating at Neutral given new design wins are already discounted in share price. To turn more bullish, we would like to see more traction and/or industry acceptance of QCOM's HBC technology."

For an analyst ratings summary and ratings history on Qualcomm click here. For more ratings news on Qualcomm click here.

Shares of Qualcomm closed at $174.09 yesterday.

Analyst Comments New Coverage