Qualcomm Drops 21% in 2026 - Is BofA Right to Call It a Sell?

"Bank of America initiated coverage on Qualcomm with an Underperform rating and a $145 price target on March 10. The core of their bear case is Apple. BofA analysts anticipate a substantial loss of Apple's modem business by 2027 for Qualcomm as Apple shifts to internal chip development. Apple is the kind of customer whose departure doesn't just ding revenue; it reshapes the entire earnings narrative."

"Separately, on March 10, Daiwa Securities, Morgan Stanley, and Mizuho also adjusted their ratings and targets. When multiple desks move on the same day, it tends to reflect coordinated re-evaluation rather than noise. Meanwhile, retail sentiment on Reddit for QCOM stock has been consistently bearish since mid-February. There, sentiment scores have ranged from 20 to 36 across most tracked periods, well below the neutral threshold."

Qualcomm stock has fallen significantly from its October 52-week high of $206, trading around $134-$135 after a 3.65% drop on March 10 following multiple analyst downgrades. Bank of America initiated coverage with an Underperform rating and $145 price target, citing Apple's anticipated shift to internal chip development as the primary concern. Apple's potential departure represents a substantial revenue loss that would reshape Qualcomm's earnings outlook. Multiple financial institutions including Daiwa Securities, Morgan Stanley, and Mizuho simultaneously adjusted their ratings on the same day, indicating coordinated reassessment rather than isolated moves. Retail sentiment on Reddit has remained consistently bearish since mid-February, with sentiment scores ranging from 20 to 36, well below neutral thresholds.

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