Qualcomm is back in focus after a sharp pullback erased a big post-Investor Day rally. The stock fell about 20% in a month to roughly $171, leaving shares little changed for the year and raising fresh questions about how quickly management can turn its expansion plans into sustained growth.
Even so, the outlook from 24/7 Wall St. remains bullish. The publication rates Qualcomm a buy and points to a $261 price target, implying more than 50% upside from recent levels. A key part of that optimism is management’s decision to double its 2029 non-handset revenue goal, signaling a broader push beyond its traditional smartphone business.
That strategy is getting added attention as interest in AI infrastructure and data center spending accelerates. For Qualcomm, the opportunity is tied to building a larger presence in markets that could diversify revenue and reduce reliance on handsets. Investors appear to be weighing that longer-term potential against near-term uncertainty, especially as other chip companies are already more established in AI-related segments.
The recent decline suggests the market is still waiting for clearer proof that Qualcomm can translate its AI and diversification efforts into meaningful financial results. But with the stock well below recent highs and long-range targets calling for stronger non-handset growth, the debate around Qualcomm now centers on whether the sell-off has created a more attractive entry point.
