Qualcomm Inc (NASDAQ:QCOM) stock slid on Friday as a broader semiconductor sell-off weighed on the stock, following negative reaction to Broadcom Inc (NASDAQ:AVGO) guidance.
JPMorgan analyst Samik Chatterjee kept Qualcomm at Neutral but raised his price forecast to $265 from $160, saying the company could use its June 24 Investor Day to outline a bigger diversification story led by data centers, automotive and IoT.
• Qualcomm shares are retreating from recent levels. Why are QCOM shares down?
Data Center Could Become Qualcomm's Next Major Growth Engine
Chatterjee expects Qualcomm to present a three-pillar data center strategy built around custom silicon, merchant CPUs and AI accelerators, including off-the-shelf merchant products and custom connectivity from Alphawave. He expects Qualcomm to target more than $3 billion in data center revenue in fiscal 2027 and $35 billion by fiscal 2031.
