Qualcomm Drops 21% in 2026 — Is BofA Right to Call It a Sell?

2026-03-28 05:17:22

Qualcomm (QCOM) shares have dropped 21% in 2026, falling below $135 after Bank of America initiated an “Underperform” rating with a $145 price target, citing the anticipated loss of Apple’s modem business by 2027. Despite this, Qualcomm reported strong Q1 FY2026 revenues, beating consensus, with record QCT semiconductor segment revenue and significant growth in automotive and IoT segments. The article questions whether the market has already priced in the Apple impact or if more pain is ahead, noting that general analyst consensus remains a “Hold” with a higher price target.

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