New York, February 2, 2026, 15:28 (EST) — Regular session
- Qualcomm shares climbed roughly 0.5% in afternoon trading, bouncing back after an early dip
- Cantor slashes its Qualcomm price target to $160; JPMorgan and Bernstein follow with revisions
- Investors are now zeroing in on Qualcomm’s earnings report and guidance due February 4
Qualcomm (QCOM.O) shares climbed 0.5% to $152.32 in afternoon trading on Monday, recovering from a low of $149.39 earlier in the session.
The move comes right before a hectic week for the chipmaker, with results set for Wednesday. Traders tend to focus more on management’s outlook for the next quarter than on the past quarter’s numbers.
Qualcomm continues to rely heavily on smartphones for the bulk of its chip sales, with its licensing arm generating steady cash from its patent portfolio. The key question now: how fast can newer ventures like autos and PCs start to make a bigger impact?
Analyst target revisions came fast this morning. Cantor Fitzgerald cut its price target to $160 from $185 but stayed neutral on the stock. JPMorgan dialed down its target to $195 from $210. Bernstein also trimmed its target, bringing it to $200 from $215, MT Newswires reported. (A price target reflects an analyst’s forecast for where the stock might trade over the next year.)
Cantor analyst C.J. Muse anticipates a “solid beat” for the December quarter but warned of a challenging 2026 outlook driven by smartphone demand and shifts in customer mix. He highlighted lower modem usage at Apple, increased in-sourcing from Samsung, and component shortages hitting Chinese handset manufacturers. TipRanks
Qualcomm announced it will release its fiscal first-quarter earnings after the market closes on February 4, with a conference call scheduled for 1:45 p.m. Pacific time.
The mood was positive as U.S. stocks climbed, the S&P 500 gaining roughly 0.6%, led by chipmakers. “The fundamentals are good and there’s no indication of recession,” Tim Ghriskey, senior portfolio strategist at Ingalls & Snyder, noted. Reuters
Autos remained in focus as ECARX unveiled a pre-production “Zenith” computing platform at CES 2026, powered by Qualcomm Technologies’ Snapdragon Elite automotive chip. CEO Ziyu Shen described it as a potential “cornerstone” for automakers pushing toward software-defined vehicles. PR Newswire
The immediate risk lies in Qualcomm’s guidance. Should its March quarter outlook fall short of forecasts, investors might see it as further evidence that handset demand isn’t recovering quickly or that major clients are bringing more work in-house.
Wednesday after the bell brings Qualcomm’s earnings report and a conference call Q&A. The March-quarter outlook will probably sway the stock’s direction heading into next week.
