Wall Street Lifts Qualcomm Target to $160 on AI Hype, But Stays Neutral

Three major Wall Street firms—Citi, JPMorgan, and Wells Fargo—raised their price targets on Qualcomm (NASDAQ:QCOM) to $160 on Thursday, April 30, following the company's fiscal second-quarter 2026 earnings report. Despite the unanimous target hike, all three maintained Neutral or Equal Weight ratings, signaling a cautious stance.

Rating Change

Prior to the report, price targets were below $160 (previous figures not disclosed). After the report, all three banks set a new target of $160, but ratings remained at Neutral (Citi, Wells Fargo) and Equal Weight (JPMorgan).

Analyst Rationale

Analysts cited the AI hyperscaler ramp as the primary catalyst for the target increase. Qualcomm is benefiting from growing demand for AI chips in data centers and cloud computing. However, the neutral ratings reflect uncertainty about the sustainability of this growth and competitive pressures from NVIDIA and AMD.

Context

Qualcomm's stock has performed well recently but remains below its all-time highs. Other analysts have not yet changed their ratings, though some see potential upside if AI demand materializes.

What to Make of It

The target raise to $160 reflects cautious optimism. Investors should monitor AI chip demand trends in coming quarters, as well as competition from NVIDIA and AMD.