Melius Research initiated coverage on Qualcomm (NASDAQ:QCOM) with a Hold rating and a price target of $180, reflecting a valuation of approximately 14 times the firm’s fiscal 2027 earnings per share estimate of $12.52.
The analysts acknowledged Qualcomm’s long-standing reputation as a pioneer in mobile technology and its track record of innovation in high-performance chipsets. However, concerns over slowing growth weighed on the outlook. Revenue growth is projected to decelerate from high single digits to just 3% over the next two years, significantly lagging the mid-teens average of comparable companies in an AI-driven market cycle.
This anticipated slowdown led to a valuation at the lower end of the peer group, tempering expectations despite Qualcomm’s strong intellectual property and attractive positioning within the semiconductor industry.