Wall Street Raises Qualcomm Price Targets to $300 Following AI Data Center Push

According to Benzinga, following Qualcomm's investor day on June 24, Wall Street banks significantly raised their price targets for the chipmaker. UBS lifted its target from $170 to $235, RBC raised it from $175 to $250, and Benchmark set it at $300. JPMorgan increased its target to $265, while Morgan Stanley upgraded its rating from sell to neutral and raised its target from $146 to $231.

The upgrades were driven by Qualcomm's announcement of major strategic initiatives, including a deal with ByteDance to supply millions of custom AI chips for data centers—which caused the stock to surge 12% on announcement. The company also projects non-smartphone revenue of $40 billion by 2029, with AI data center business expected to contribute $15 billion annually, and set its 2029 automotive revenue target at $10 billion. Qualcomm additionally announced a $3.9 billion acquisition of AI startup Modular.