Analysts reset Qualcomm stock price target ahead of earnings | Official Website of Louis Velazquez, entrepreneur, finance guy and tech innovator

Qualcomm (QCOM) stock is down about 11% year to date, at the time of writing, Monday morning, Feb. 2, according to Yahoo Finance. Qualcomm’s stock downward trend started on Jan. 9, when a Mizuho analyst downgraded the stock to a neutral rating and lowered the price target from $200 to $175.

Another reason the stock has been taking a hit is that Q1 2026 earnings will be released on Feb. 4, and investors’ confidence in the stock has been shaken as consensus estimates for earnings per share (EPS) have decreased by 2.5% over the past month, according to Zacks.

Wall Street estimates that Qualcomm will report quarterly EPS of $3.37, down 1.2% year over year. Revenues are projected to reach $12.23 billion, increasing 4.8% YoY.

I covered Q4 results in my article “Bank of America resets Qualcomm price target after earnings.”

For reference, Qualcomm’s guidance for Q1 from the previous report is:

Revenue in the range of $11.8 billion to $12.6 billion
Diluted EPS in the range of $2.55 to $2.75

Several analysts revised their ratings for QCOM stock ahead of earnings.

Analysts lower Qualcomm price target

In a research note dated Feb. 2, Cantor Fitzgerald reiterated its neutral rating on Qualcomm stock and lowered the price target from $185 to $160.

Analysts believe that Qualcomm will beat the previous quarter, but will probably provide guidance that is slightly below consensus for March and well below for June, due to Apple’s (AAPL) limited share, Samsung’s (SSNLF) moving some modems in-house, and China handset declines amid component shortages, according to TheFly.

Mizuho analyst Vijay Rakesh reiterated a neutral rating for Qualcomm stock and lowered the price target from $175 to $160 on Jan. 26 after hosting an industry call on handsets. Rakesh expects global handset sales to decline 4% year over year in 2026, with a larger downside in the second half due to memory shortages and pricing.

UBS reiterated a neutral rating for Qualcomm stock and lowered the price target from $185 to $160 on Jan. 26.

Qualcomm’s recent activity

Volkswagen Group and Qualcomm unveiled a letter of intent for a long-term supply agreement to deliver infotainment and connectivity capabilities powered by Snapdragon Digital Chassis solutions. Under the agreement, Qualcomm would serve as Volkswagen’s primary tech provider for the launch of its zonal Software-Defined Vehicle (SDV) architecture.

“We are proud to deepen our longstanding collaboration with Volkswagen Group and serve as a trusted partner for its future vehicle platforms,” said Qualcomm General Manager for Automotive, Industrial and Embedded IoT, and Robotics Nakul Duggal.

“The Snapdragon Digital Chassis provides the foundation for software-defined architectures, enabling next-generation infotainment and advanced driver assistance systems that emphasize safety, performance, and scalability.”

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Hyundai Mobis and Qualcomm have signed an agreement at CES 2026 to co-develop next-generation solutions for SDV and Advanced Driver Assistance Systems. Through this partnership, Hyundai Mobis and Qualcomm will jointly develop integrated solutions custom-made for emerging markets by leveraging Hyundai Mobis’ expertise in system integration, sensor fusion, and perception, combined with Qualcomm’s system‑on‑chip technology.

At CES, Qualcomm launched a next-generation robotics stack that integrates hardware, software, and AI. The company also unveiled its latest robotics processor for industrial autonomous mobile robots and advanced full-size humanoids, the Qualcomm Dragonwing IQ10 Series.

“Figure’s mission is to develop general-purpose humanoid robots powered by advanced AI to eliminate unsafe and undesirable jobs, boost productivity across industries, and create economic abundance that enables happier, more purposeful lives for humanity,” stated Figure CEO Brett Adcock.

“Qualcomm Technologies’ platform, with its combination of exceptional compute capabilities and energy efficiency, is a valuable building block in enabling Figure to turn our vision into reality.”

While it is good that Qualcomm is making steady progress, on the automotive side, it is very important to note that the vast majority of Qualcomm’s revenue comes from handsets.

To put it in perspective, according to the Q4 earnings report, handset revenue in fiscal year 2025 was $27.8 billion, compared to automotive revenue of $4 billion. Automotive revenue is growing faster than handset revenue, but it will still take a long time to catch up.