Bank of America raises Qualcomm’s price target to $215 with a buy rating due to a strong quarter. QCT growth from all segments, including Handsets, Auto, and IoT, exceeded expectations. Bank of America warns of handset trends slowing in 2Q26, but sees potential growth in cars, IoT, and data centers. Qualcomm’s AI-driven diversification shows promise despite potential challenges in handset sales. Analysts expect Qualcomm to offset declining cellphone sales with growth in automotive, IoT, and data centers. Qualcomm’s expansion into connected cars, IoT, and data centers offsets potential decline in smartphone sales. Bank of America’s positive outlook for Qualcomm emphasizes growth in non-handset segments. Qualcomm’s upcoming releases in data centers and AI infrastructure present new growth opportunities outside of smartphones. Investors should monitor Qualcomm’s progress in automotive, IoT, and data centers to determine long-term growth potential.

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