New York, Jan 26, 2026, 15:45 EST — Regular session
- Qualcomm shares dipped roughly 0.6% in afternoon trading, underperforming the stronger broader market
- Mizuho lowers its price target to $160, citing weaker handset shipments in 2026
- Attention shifts to the Fed decision set for Jan. 28, with Qualcomm’s earnings report due Feb. 4
Qualcomm shares slipped Monday following a price target cut from Mizuho, which highlighted a weaker forecast for global smartphone shipments this year. The stock dipped roughly 0.6% to $154.90 in afternoon trading.
The decline came amid an otherwise stable session for major U.S. tech stocks, as investors searched for fresh signals on demand and pricing trends. Qualcomm often acts as a barometer for the phone market, with expectations shifting rapidly ahead of its earnings report.
This week’s focus is sharpened by the Federal Reserve’s policy meeting wrapping up on Wednesday. Growth stocks, which are sensitive to interest rates, have been quick to move in response to changes in bond yields and Fed signals.
Mizuho’s Vijay Rakesh trimmed his price target on Qualcomm to $160 from $175, maintaining a Neutral rating. The move follows an industry call centered on handsets. He projects global handset shipments will drop roughly 4% year-on-year in 2026, citing rising memory costs and tighter supply as additional headwinds later in the year.
In a separate note from , Mizuho flagged possible production cuts among some Chinese phone makers. Apple and Samsung, meanwhile, appear better off when it comes to memory supply. The firm also noted Apple is gaining ground in China, boosted by buybacks and discounts timed for the Lunar New Year.
Mizuho highlighted rising competition at the high end from MediaTek for Qualcomm, alongside softer content from key customers. The firm also cautioned that Qualcomm remains heavily reliant on handsets, which make up most of its chip sales, leaving it vulnerable if upgrade cycles falter once more.
Chip stocks showed a mixed picture. The iShares Semiconductor ETF dropped roughly 0.4%, yet the S&P 500 and Nasdaq ETFs each climbed around 0.6%. Nvidia fell close to 0.7%, while Broadcom gained nearly 1.9%.
“Communications and technology sectors are performing strongly today ahead of earnings reports from many major companies,” Chris Zaccarelli, chief investment officer at Northlight Asset Management, told Reuters. Reuters
Still, the handset segment could pose a risk. Should memory costs remain high and unit sales drop beyond projections, Qualcomm might encounter harsher pricing pressures and see less flexibility in managing operating expenses, even if its non-handset divisions remain steady.
Investors have a key date coming up. Qualcomm plans to release its fiscal first-quarter earnings on Feb. 4, right after the market closes. The company will hold its earnings call at 1:45 p.m. Pacific.
