Qualcomm Initiated at Neutral by Goldman Sachs on Balanced Outlook

Font: Financial Modeling Prep  • Mar 30, 2026

Goldman Sachs initiated coverage of Qualcomm (NASDAQ: QCOM) with a Neutral rating and a $135 price target, reflecting a balanced risk-reward profile.

The firm described Qualcomm as a leading fabless semiconductor designer, widely recognized for its Snapdragon processors used in smartphones. It noted that the company is actively pursuing diversification by leveraging its intellectual property to expand into adjacent markets such as automotive, personal computers, and data centers.

However, Goldman Sachs said these diversification efforts are being partially offset by market share losses among key smartphone customers, including Apple and certain Chinese original equipment manufacturers.

The firm’s earnings estimates for fiscal years 2025 through 2028 are approximately 3% above consensus, while the stock is currently trading at about 12x earnings, roughly two turns below its three-year median valuation.

Given these factors, Goldman concluded that the stock offers a relatively balanced risk-reward outlook at current levels.