BofA Raises QUALCOMM Price Target to $195, Maintains Underperform

Bank of America (BofA) raised the price target on QUALCOMM, Inc. (NASDAQ:QCOM) to $195 from $165 on May 23, while maintaining an Underperform rating on the shares. The rating update came ahead of the company's investor day on Wednesday, June 24.

Rating Change

• Previous Price Target: $165
• New Price Target: $195
• Rating: Underperform

The 18% increase in price target reflects improved expectations, but the negative rating suggests the analyst still believes the stock may underperform the market.

Analyst's Rationale

The original source did not provide detailed reasons for the price target hike. However, QUALCOMM is considered one of the best trending AI stocks to watch in 2026, which may have driven the valuation upgrade. The Underperform rating indicates that the analyst sees risks or high valuation relative to peers.

Context

The update comes ahead of QUALCOMM's investor day, an event that could reveal the company's strategy in AI and semiconductors. No other analysts have been reported to make similar changes. QUALCOMM's stock is trading near its highs, supported by market interest in AI stocks.

What to Make of It

The price target increase reflects a more positive view on QUALCOMM's value, but the Underperform rating warns that the stock may not outperform the market. Investors are advised to watch the investor day for clearer signals on the company's future.