Price Prediction: Qualcomm Stock Will Trade at This Price in 2028

Qualcomm shares rose sharply, reaching $248.82 and gaining 46.41% year to date. Earlier weakness reflected memory supply constraints, Chinese OEM softness, declining handset revenue, and cautious guidance with lower sequential revenue and EPS. Concerns also included Apple modem vertical integration risk and high stock volatility. Analyst sentiment remained mixed, with most ratings at Hold and an average target far below the current price. A base 2028 estimate of $340.92 and a bull case of $375.82 rely on a data-center pivot, strong earnings growth, and Auto plus IoT expansion. Reaching $400 would require substantial additional multiple expansion beyond the embedded valuation assumptions.

"We are in a period of profound industry transformation, the rise of AI agents is reshaping our roadmap across every platform we develop."

"For most of the first quarter of 2026, Qualcomm was the semi nobody wanted. The stock bottomed near $129.39 in March on memory supply constraints and Chinese OEM softness. Handset revenue, still the largest line, fell 13% year over year to $6.024B in Q2 FY26."

"Q3 guidance calls for revenue of just $9.2B to $10B and EPS of $2.10 to $2.30, a step down sequentially. With a beta of 1.493, the stock magnifies any wobble. Add in the long-running Apple modem vertical integration risk and you have the reason this name traded like a value trap for months."

"Reaching $400 from today's price of $248.82 would require a gain of 60.8%. With forward EPS of $14.54, a price of $400 implies a forward P/E of 28x. Our base case of $340.92 already embeds an implied P/E of 21x, meaning the bold target requires 7x of additional multiple expansion."

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