Highlights

• JPMorgan cuts Qualcomm’s price target from $195 to $185, still maintains "overweight" rating.
• Qualcomm’s stock has been downgraded by several research firms, with varying price targets.
• Despite recent struggles, QCOM’s Q2 earnings guidance remains strong, projecting up to $2.65 EPS.

Qualcomm (NASDAQ:QCOM) recently saw its price target reduced by JPMorgan Chase & Co. from $195.00 to $185.00. Despite the lowered target, JPMorgan maintains an "overweight" rating on Qualcomm's stock, suggesting a potential upside of 35.73% from its current price. This change comes amidst a broader trend of analysts reassessing Qualcomm’s prospects.

In addition to JPMorgan’s adjustment, several other firms have downgraded their ratings. Mizuho reduced its target from $160.00 to $140.00, while Wells Fargo lowered its target from $165.00 to $135.00. Zacks Research even moved from a "hold" to a "strong sell" rating. On the other hand, Rosenblatt Securities dropped its price target from $225.00 to $190.00, yet maintained a "buy" rating. The average price target across analysts now sits at $167.00, suggesting more caution regarding Qualcomm’s near-term prospects.

Qualcomm’s Stock at a Crossroads: Warning Signs or a Buying Opportunity?

Despite the flurry of downgraded ratings, Qualcomm's most recent quarterly earnings report offered a more optimistic picture. For the quarter ending February 4, 2026, the company posted $3.50 earnings per share (EPS), surpassing analysts' consensus estimate of $3.38 by $0.12. Revenue also exceeded expectations, coming in at $12.25 billion compared to the consensus estimate of $12.16 billion. The company’s net margin stood at 12.51%, while its return on equity (ROE) remained impressive at 43.22%. Qualcomm’s revenue for the quarter increased by 4.7% year-over-year.

Looking forward, Qualcomm has set its Q2 2026 guidance between $2.45 and $2.65 EPS. Analysts project the company will post a total of 9.39 EPS for the current fiscal year. This positive guidance reflects Qualcomm’s strong fundamentals despite the volatility in its stock price.

A Volatile Ride for Qualcomm Investors

Qualcomm's stock has experienced significant volatility recently, with notable declines across various timeframes. As of February 5, 2026, Qualcomm shares closed at $168.00, according to Refinitiv data. Over the past day, the stock dropped by 8.45%, while its performance over the past week showed a further decline of 10.45%. Over the last three months, Qualcomm has fallen by 21.24%, and over the last nine months, its stock is down 6.46%. Year-to-date (YTD), the stock has decreased by 10.08%, and its month-to-date (MTD) and quarter-to-date (QTD) returns reflect similar declines. However, analysts’ long-term growth estimate for Qualcomm is pegged at 3%, indicating moderate expectations moving forward.

Despite the challenges, Qualcomm's 52-week trading range remains wide, between $120.80 and $209.50, showing that the stock has faced significant price swings within the past year. Trading volume on February 5, 2026, reached 148,800 shares, reflecting ongoing investor interest despite the downward trend.

A Glimpse into Qualcomm’s Diverse Portfolio

Founded in 1985 and headquartered in San Diego, California, Qualcomm is a global leader in semiconductor and telecommunications equipment. The company is renowned for its contributions to wireless technologies and for its pivotal role in the development of cellular standards like CDMA. Qualcomm’s product portfolio includes system-on-chip (SoC) platforms under the Snapdragon brand, cellular modem and RF front-end components, and solutions for automotive, IoT, and edge computing applications.

Additionally, Qualcomm generates significant revenue through its patent licensing program, which covers a wide array of wireless technologies and intellectual property. With its expansive role in both hardware design and patent licensing, Qualcomm remains a cornerstone of the telecommunications industry, despite facing ongoing market fluctuations.

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