By Vandita Jadeja
Publication Date: 2026-10-28 12:51:00
Qualcomm just posted a 61% automotive surge and quietly signed two hyperscaler custom silicon deals, yet the market still prices it like a handset company. Here is why that gap may not last much longer.
Our 24/7 Wall St. price target for Qualcomm (NASDAQ:QCOM | QCOM Price Prediction) is $218.57 over the next 12 months. That is 21% above the current $180.61. Our model rates the stock a buy, and our confidence is high.
24/7 Wall St. Price Target Summary
| Metric | Value |
|---|---|
| Current Price | $180.61 |
| Price Target from 24/7 Wall St. | $218.57 |
| Upside | 21.0% |
| Recommendation | BUY |
| Confidence Level | 90% |
Most AI investors stay focused on NVIDIA (NASDAQ:NVDA). Meanwhile, Qualcomm is quietly building a data center business that includes two hyperscaler custom silicon engagements.
Both should start producing revenue in the December quarter. At a forward P/E of 18, the market is valuing Qualcomm as a handset company.
Handset Weakness Is Hiding a 61% Automotive Surge
Over the past week, Qualcomm rose 4.94%. It is down 8.43% over the past month and up 7.26% year to date. Shares sit 29.9% below the 52-week high of $257.56. In fiscal Q3, revenue came in at $9.95 billion, ahead of the $9.67 billion estimate. Non-GAAP EPS of $2.21 missed the $2.22 estimate, which ended a six-quarter beat run.
Handset revenue fell 20%. Automotive revenue rose 61% to $1.59 billion. In October, Qualcomm won a trial verdict and declared its quarterly dividend….