"Wells Fargo analyst Aaron Rakers said the results were 'positively overshadowed' by Qualcomm's plan to commence shipments of an AI application-specific integrated circuit (ASIC) to a large hyperscaler in Q4 2026, alongside confirmation of an AI-focused Arm-based central processing unit (CPU)."
"Citi cited the same hyperscaler ramp and expectations that Chinese handset sales should bottom in fiscal Q3 2026."
"JPMorgan analyst Samik Chatterjee flagged a modest earnings beat offset by smartphone headwinds that drove Qualcomm's Q3 guidance below consensus."
"Qualcomm CEO Cristiano Amon stated that the 'rise of AI agents is reshaping our roadmap across every platform we develop.'"
Three Wall Street firms increased their price targets for Qualcomm to $160 following the company's Q2 FY2026 report. Analysts from Citi, JPMorgan, and Wells Fargo maintained Neutral or Equal Weight ratings. The price target increase reflects optimism regarding the AI ramp, although analysts seek more evidence before becoming bullish. Qualcomm's Q2 results showed a non-GAAP EPS of $2.65 and revenue of $10.599 billion. The company faces challenges in the smartphone sector, with guidance for Q3 FY2026 indicating revenue constraints due to memory shortages.
Read at 24/7 Wall St.
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