Cantor Fitzgerald has increased its price target for Qualcomm (QCOM) to $160.00, while keeping an Overweight rating on the chipmaker. The stock is currently trading at $151.59. According to InvestingPro Fair Value calculations cited by analysts, Qualcomm appears undervalued, with the average price target implying roughly 27% upside from current levels.
The research note projects a mixed near-term picture. Cantor Fitzgerald expects Qualcomm to produce solid results in the December quarter but anticipates that management will guide the March quarter modestly below consensus. The firm further expects guidance for the June quarter to be well below consensus. Investors will receive the company’s formal results and management commentary in two days when Qualcomm reports earnings on February 4.
Looking further ahead, Cantor Fitzgerald is forecasting a notable reset in Qualcomm’s calendar 2026 outlook. The firm models handset revenues declining 20% to $22.5 billion, versus consensus estimates of $25.0 billion. It also expects QCT revenues to fall 10% to $34.5 billion, compared with consensus of $40.7 billion.
Several specific headwinds are cited as drivers of the weaker 2026 forecast. Cantor Fitzgerald points to Apple reducing its dependence on Qualcomm chips, Samsung shifting some modem production in-house, and component shortages that are pressuring Chinese handset manufacturers. The research firm expects Chinese handset makers to decline at least 10% in 2026, a factor that contributes to its broader revenue downgrade.
On a consolidated basis, Cantor Fitzgerald projects Qualcomm’s total revenues for calendar 2026 will fall 9% to $40.0 billion, versus consensus expectations of $46.5 billion. The firm estimates earnings power at roughly $10.00 per share for the year.
Beyond the earnings outlook, Qualcomm confirmed it will maintain its quarterly dividend. The company will pay $0.89 per common share to stockholders of record as of March 5, 2026, with the distribution scheduled for March 26, 2026.
Separately, Qualcomm is reported to be in discussions with Samsung Electronics regarding contract manufacturing of advanced two-nanometer chips. Qualcomm’s CEO, Cristiano Amon, has said that design work for those chips is complete, a detail the company presented as indicative that commercialization could follow soon.
Analyst activity around Qualcomm has reflected varying views on the stock’s medium-term prospects. Bernstein cut its price target to $200 from $215 but retained an Outperform rating, citing pressures in the smartphone market and Apple’s rolloff. RBC Capital started coverage with a Sector Perform rating and a $180 price target, pointing to sluggish smartphone growth and competition in data center AI as headwinds.
Taken together, the analyst updates and the firm-level revenue reset underscore ongoing strategic and market challenges for Qualcomm as it navigates handset demand, changes in customer sourcing, and supply constraints affecting Chinese manufacturers. Qualcomm’s upcoming earnings release will provide the next formal data point to assess these projections.