Wells Fargo, one of the ‘Big Four Banks,’ raised its Qualcomm (NASDAQ: QCOM) stock price target from $160 to $230 on June 12, maintaining an ‘Equal Weight’ rating on the shares.
The new price forecast represents a 43% increase from the bank’s previous target, as well as a roughly 13% upside from the last closing price of $202.96
In comparison, the Bank of America Securities (BofA) reiterated a ‘Sell’ rating on the communications firm on June 11, with a Qualcomm stock price target of $165 for the next 12 months.
BofA’s figure implies QCOM shares will decline almost 19% over the span of the next year and suggests the bank is not quite optimistic ahead of Qualcomm’s upcoming June 24 Investor Day.
JPMorgan remains positive on Qualcomm
In contrast, JPMorgan gave Qualcomm a major boost earlier this month, raising its price target on the shares from $160 to $265 on June 5 while maintaining a ‘Neutral’ rating ahead of the Investor Day.
More precisely, the investment believes Qualcomm is going to unveil ambitious data center revenue goals, projecting more than $3 billion in revenue by fiscal 2027 and $35 billion by fiscal 2031.
As a result, JPMorgan has also placed Qualcomm on ‘Positive Catalyst Watch’ and argues management’s long-term targets can still surpass current investor expectations.
However, the firm has not upgraded the stock rating yet, stating it wants to see stronger evidence that execution will be solid as the company pursues growth opportunities.
Qualcomm stock price target 2027
Overall, Wall Street rates Qualcomm a ‘Hold,’ as the company has received eight ‘Buy,’ 19 ‘Hold,’ and four ‘Sell’ ratings over the past three months, according to TipRanks data.
As for the prices, the average Qualcomm share price target for 2027 sits at $184 based on the same data, which implies a roughly 9% downside.
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