Argus Boosts Qualcomm (QCOM) PT on Strength beyond Handset Business

With a YTD Return of 15.76% as of May 7, QUALCOMM Incorporated (NASDAQ:QCOM) is included among the 10 Best Stocks to Buy to Beat the S&P 500.

Argus Boosts Qualcomm (QCOM) PT on Strength beyond Handset Business

On May 1, Argus raised its price recommendation on QUALCOMM Incorporated (NASDAQ:QCOM) to $220 from $180. It reiterated a Buy rating following the company’s earnings report. The firm said Qualcomm continues to post solid growth outside its handset business. Argus also expects memory availability to gradually improve through 2026 and believes the stock remains attractive at “current depressed levels.”

During the fiscal Q2 2026 earnings call, CEO, President & Director, Cristiano Amon said Qualcomm generated $10.6 billion in revenue and reported non-GAAP earnings per share of $2.65. He noted that EPS reached the upper end of the company’s guidance range. Speaking about the automotive segment, Amon said Qualcomm surpassed $5 billion in annualized revenue for the first time during the quarter. He added that the company expects to exit fiscal 2026 with a revenue run rate above $6 billion.

Discussing the data center business, Amon said the integration of Alphawave had gotten off to a strong start. He also said Qualcomm is entering the custom silicon market and has started production ramp-up with a major hyperscaler. Initial shipments are expected in the December quarter.

QUALCOMM Incorporated (NASDAQ:QCOM) develops and commercializes foundational technologies for the wireless industry, including 3G, 4G, and 5G connectivity, along with high-performance and low-power computing technologies, including on-device artificial intelligence.

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