Goldman Sachs Cautious on QUALCOMM (QCOM) Amid Key Customer Losses

QUALCOMM Incorporated (NASDAQ:QCOM) is one of the 7 most oversold data center stocks to invest in.

Goldman Sachs Cautious on QUALCOMM (QCOM) Amid Key Customer Losses

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Analysts’ views on Qualcomm Incorporated (NASDAQ:QCOM) remain divided as of April 1, 2026, with roughly 60% of covering analysts holding mixed ratings. Yet the $150 consensus price target implies roughly 20% upside.

Recently, analysts at Goldman Sachs discussed QUALCOMM Incorporated (NASDAQ:QCOM)’s outlook.

Goldman Sachs initiated coverage on Qualcomm Incorporated (NASDAQ:QCOM) on March 30, 2026, with a “Neutral” rating and a $135 price target. According to analyst James Schneider, Qualcomm Incorporated (NASDAQ:QCOM) is leveraging its intellectual property in related industries, including data centers, PCs, and automobiles, to diversify its revenue sources. At the same time, the firm anticipates that the company’s short-term fundamentals would be impacted by share losses at key smartphone customers, especially Apple.

Previously, on March 26, Bernstein reduced its price target from $175 to $140 and downgraded Qualcomm Incorporated (NASDAQ:QCOM) from “Outperform” to “Market Perform.” The investment firm said consensus estimates now appear excessively optimistic and mentioned that memory cost concerns could have a negative impact on smartphone shipments. Additionally, Bernstein pointed out that the risks associated with smartphone weaknesses and the impending expiration of the Apple license deal are unlikely to be completely outweighed by potential narrative tailwinds from buybacks and data center initiatives.

Qualcomm Incorporated (NASDAQ:QCOM) develops and commercializes foundational technologies for the wireless industry worldwide. It operates through three segments: Qualcomm CDMA Technologies, Qualcomm Technology Licensing, and Qualcomm Strategic Initiatives.

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