New York, January 27, 2026, 15:15 EST — Regular session
- Qualcomm shares slipped roughly 0.5% in afternoon trading, lagging behind some other chip stocks.
- Mizuho lowered its price target to $160, pointing to weaker handset shipments in 2026 and increased competition.
- Investors will be focused on the Fed’s decision set for Jan. 28, along with Qualcomm’s earnings report due Feb. 4.
Qualcomm shares dipped 0.5% to $153.76 in afternoon trading Tuesday, erasing earlier gains as investors digested new target cuts amid a weaker smartphone forecast.
This shift is crucial as Qualcomm faces a tricky period ahead: the Federal Reserve’s policy decision looms, which could shake rate-sensitive tech shares, alongside Qualcomm’s earnings report next week. The stock’s behavior lately resembles that of a handset proxy once more, with analysts increasingly focused on the durability of 2026 phone volume forecasts.
Mizuho on Monday lowered its price target to $160 from $175, maintaining a Neutral rating. The brokerage forecasts global handset shipments to drop around 4% in 2026, with risks pushing that decline beyond 5%. It highlighted rising competition from MediaTek and noted what it described as content cuts by Apple and Huawei. Mizuho also cited tighter memory supply and higher prices, which are weighing on Android manufacturers and China’s original design manufacturers (ODMs) that assemble phones for brands. (Investing)
UBS lowered its price target to $160 from $185 but maintained a Neutral rating, according to a report released Monday. (GuruFocus)
Qualcomm slipped even as other chip stocks showed strength, boosted by a rotation into the sector after Micron’s announcement of a $24 billion investment in Singapore. Markets remain uneven ahead of the Fed’s decision, with investors weighing if easing inflation will prompt rate cuts later this year. (Investopedia)
Off the main tape, Qualcomm’s venture arm quietly backed “on-device” AI—a type of software that processes data locally instead of relying on the cloud. SpotDraft announced it secured $8 million from Qualcomm Ventures in a strategic extension of its Series B round. The funds will help scale contract-review tools optimized for Snapdragon processors. “We’re excited to enable high-performance, secure AI at the edge,” said Quinn Li, senior vice president at Qualcomm Technologies and global head of Qualcomm Ventures, in a statement. (Business Wire)
Qualcomm, widely recognized for its modem and application chips powering smartphones, also earns significant revenue through wireless patent licensing. While it has expanded into PCs, autos, and other connected gadgets, smartphones remain the primary source of its chip sales.
Bulls face a clear risk: if handset sales drop more than anticipated or pricing pressure intensifies, earnings could weaken, dragging the stock down—even if the wider chip sector rallies. Competition in premium Android chips adds another layer of uncertainty, and guidance often shifts this stock’s direction more than the actual quarterly results.
Macro factors could lead. The Fed’s two-day session is set for Jan. 27-28, with a policy statement due at 2:00 p.m. ET Wednesday, followed by a press briefing at 2:30 p.m. ET. (Federal Reserve)
Qualcomm will release its fiscal first-quarter results after markets close on Feb. 4, followed by a conference call at 1:45 p.m. Pacific time. Investors are focused on guidance around handset demand and any insights on the company’s AI strategy. (Qualcomm Investor Relations)
