Research Analysts Issue Forecasts for Qualcomm Q3 Earnings

Key Points

• KeyCorp lowered its Q3 2026 EPS forecast for Qualcomm to $1.58 from $1.66, and also cut longer-term earnings estimates, including FY2027 to $6.95 per share. The revisions suggest analysts see slower profit growth ahead.
• Qualcomm’s stock was down 4.1% to $170.61, even after the company recently beat quarterly earnings expectations and posted revenue roughly in line with forecasts. The stock remains well below its 52-week high of $259.92.
• Despite mixed analyst sentiment, Qualcomm has several near-term catalysts, including its fiscal Q3 2026 earnings report on July 29 and reports of long-term AI-vehicle component agreements involving Micron and Qualcomm.

Qualcomm Incorporated (NASDAQ:QCOM - Free Report) - Equities researchers at KeyCorp cut their Q3 2026 earnings per share estimates for shares of Qualcomm in a research note issued to investors on Monday, July 13th. KeyCorp analyst J. Vinh now expects that the wireless technology company will post earnings of $1.58 per share for the quarter, down from their previous estimate of $1.66. The consensus estimate for Qualcomm's current full-year earnings is $7.96 per share. KeyCorp also issued estimates for Qualcomm's Q4 2026 earnings at $1.69 EPS, FY2026 earnings at $8.02 EPS, Q1 2027 earnings at $1.95 EPS, Q2 2027 earnings at $1.72 EPS, Q3 2027 earnings at $1.54 EPS, Q4 2027 earnings at $1.74 EPS and FY2027 earnings at $6.95 EPS.

A number of other research firms have also commented on QCOM. Susquehanna raised their price target on shares of Qualcomm from $160.00 to $190.00 and gave the stock a "neutral" rating in a research report on Thursday, June 25th. Dbs Bank raised shares of Qualcomm to a "moderate buy" rating in a report on Tuesday, July 7th. Tigress Financial raised their target price on shares of Qualcomm from $270.00 to $280.00 and gave the stock a "buy" rating in a report on Friday, May 8th. Lake Street Capital downgraded shares of Qualcomm to a "hold" rating in a research report on Thursday, June 25th. Finally, Benchmark boosted their price target on Qualcomm from $225.00 to $300.00 and gave the company a "buy" rating in a research note on Thursday, June 25th. One research analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, twenty-one have given a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat, Qualcomm currently has a consensus rating of "Hold" and an average target price of $221.31.

Qualcomm Stock Down 4.1%

Qualcomm stock opened at $170.61 on Friday. The stock has a market cap of $179.82 billion, a P/E ratio of 18.54, a P/E/G ratio of 5.30 and a beta of 1.63. The company has a quick ratio of 1.61, a current ratio of 2.37 and a debt-to-equity ratio of 0.54. Qualcomm has a twelve month low of $121.99 and a twelve month high of $259.92. The company's 50-day moving average price is $208.57 and its two-hundred day moving average price is $168.40.

Qualcomm (NASDAQ:QCOM - Get Free Report) last released its earnings results on Wednesday, April 29th. The wireless technology company reported $2.65 earnings per share for the quarter, beating the consensus estimate of $2.56 by $0.09. Qualcomm had a net margin of 22.31% and a return on equity of 42.11%. The business had revenue of $10.60 billion during the quarter, compared to analysts' expectations of $10.59 billion. During the same period last year, the business earned $2.85 earnings per share. The firm's revenue was down 3.5% on a year-over-year basis. Qualcomm has set its Q3 2026 guidance at 2.100-2.300 EPS.

Insider Buying and Selling

In related news, EVP Heather S. Ace sold 3,200 shares of the stock in a transaction that occurred on Monday, May 4th. The stock was sold at an average price of $177.82, for a total transaction of $569,024.00. Following the completion of the sale, the executive vice president directly owned 39,735 shares of the company's stock, valued at approximately $7,065,677.70. This trade represents a 7.45% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Patricia Y. Grech sold 829 shares of Qualcomm stock in a transaction that occurred on Thursday, May 21st. The stock was sold at an average price of $201.77, for a total transaction of $167,267.33. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 21,721 shares of company stock valued at $4,044,465 in the last 90 days. Insiders own 0.05% of the company's stock.

Institutional Trading of Qualcomm

A number of hedge funds have recently made changes to their positions in QCOM. Norges Bank bought a new stake in Qualcomm during the 4th quarter valued at $2,591,056,000. Wellington Management Group LLP increased its position in shares of Qualcomm by 34.5% in the fourth quarter. Wellington Management Group LLP now owns 16,727,862 shares of the wireless technology company's stock valued at $2,861,301,000 after acquiring an additional 4,290,622 shares during the period. Geode Capital Management LLC increased its position in shares of Qualcomm by 12.5% in the fourth quarter. Geode Capital Management LLC now owns 28,897,079 shares of the wireless technology company's stock valued at $4,931,968,000 after acquiring an additional 3,221,924 shares during the period. Invesco Ltd. raised its stake in shares of Qualcomm by 28.1% during the fourth quarter. Invesco Ltd. now owns 12,645,603 shares of the wireless technology company's stock valued at $2,163,030,000 after acquiring an additional 2,771,490 shares during the last quarter. Finally, Viking Global Investors LP boosted its holdings in shares of Qualcomm by 120.1% during the second quarter. Viking Global Investors LP now owns 3,152,866 shares of the wireless technology company's stock worth $502,125,000 after purchasing an additional 1,720,529 shares during the period. 74.35% of the stock is owned by institutional investors.

Key Qualcomm News

Here are the key news stories impacting Qualcomm this week:

• Positive Sentiment: Erste Group Bank raised its FY2027 EPS estimate for Qualcomm to $7.97 from $7.74, slightly above the current consensus, which suggests at least one analyst sees earnings holding up better than expected. Qualcomm stock and analyst coverage
• Positive Sentiment: Reuters reported that Micron signed long-term agreements with Qualcomm and other automotive suppliers to secure memory and storage components for AI-enabled vehicles, a sign of ongoing automotive/AI design activity that could support future revenue. Reuters article on Micron and Qualcomm
• Neutral Sentiment: Qualcomm announced it will report fiscal Q3 2026 results on July 29, a near-term catalyst that could reset expectations but does not itself change fundamentals. Qualcomm earnings date announcement
• Negative Sentiment: KeyCorp cut EPS estimates across multiple future quarters and full years for Qualcomm, including FY2027 to $6.95 from $7.63, signaling slower expected profit growth and pressuring the stock. Qualcomm analyst estimates
• Negative Sentiment: Separate commentary highlighted a recent “short seller” controversy around an alleged Qualcomm-Anthropic partnership that was later found not to be real, which may have cooled some AI-related enthusiasm for the name. MSN article on QCOM stock slide

Qualcomm Company Profile

Qualcomm Incorporated is a global semiconductor and telecommunications equipment company headquartered in San Diego, California. Founded in 1985, the company is known for its development of wireless technologies and for playing a central role in the evolution of digital cellular standards, including CDMA and subsequent generations of mobile standards. Qualcomm’s business combines the design and sale of semiconductor products with a patent licensing program for wireless technologies and related intellectual property.

The company’s product portfolio includes system-on-chip (SoC) platforms marketed under the Snapdragon brand, cellular modem and RF front-end components, connectivity solutions for Wi‑Fi and Bluetooth, and processors and platforms aimed at automotive, IoT, networking and edge-computing applications.

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