Qualcomm Stock Rises Following Dual Upgrades

Qualcomm Inc (NASDAQ:QCOM) shares are popping Tuesday after the chipmaker received a pair of bullish upgrades.

• Qualcomm stock is moving in positive territory. Why is QCOM stock advancing?

Loop Capital analyst Gary Mobley upgraded Qualcomm to Buy with a $185 target on Tuesday. Meanwhile, Wells Fargo analyst Aaron Rakers boosted his rating to Equal‑Weight while raising his target to $150.

Data Center AI Push Could Generate Billions

Qualcomm has been expanding beyond its slowing smartphone business, unveiling two AI chips for data centers last year. Wells Fargo estimates these chips could generate $5 billion to $7 billion in annual revenue starting in 2027.

The firm sees Qualcomm's opportunity in the $100‑billion‑plus AI inference market as underappreciated. Wells Fargo also noted that upcoming strategy updates or new partnerships tied to Qualcomm's data‑center efforts could help shift investor sentiment.

Strategic Acquisitions Strengthen Position

Wells Fargo highlighted Qualcomm's recent acquisitions of Alphawave Semi and Ventana as key pieces of its evolving data‑center strategy. Alphawave brings memory and connectivity IP — including UCIe, PCIe/CXL and high‑bandwidth memory interfaces — along with custom SoC capabilities.

Ventana adds its Veyron V2 CPU architecture, which could help Qualcomm offer custom server‑class platforms to hyperscale and high‑performance computing customers.

TSMC Partnership Provides Capacity Advantage

The analyst firm also pointed to Qualcomm's advanced wafer allocation at Taiwan Semiconductor Manufacturing Co (NYSE:TSM) as a potential competitive edge. As a key 2‑nanometer customer, Qualcomm may be able to shift capacity away from a softer smartphone market in 2026 and toward data‑center products, supporting its AI‑series chips and future CPU offerings.

What Other Analysts Are Saying

Qualcomm has been the focus of several recent analyst actions, with a general trend of positive ratings. Earlier in the month, Morgan Stanley reinstated Qualcomm with an Underweight rating and a $132.00 target. Prior to this, Argus Research maintained a Buy rating on Feb. 6, albeit with a lowered target of $180.00 from $205.00. JP Morgan also maintained their Overweight rating on Feb. 5, but reduced their target from $195.00 to $185.00.

QCOM Price Action: Qualcomm shares were up 2.91% at $144.49 at the time of publication on Tuesday.

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