Qualcomm target lifted to $400 as product mix hits turning point

Baird raised its price target for Qualcomm Incorporated from $300 to $400 and kept an "outperform" rating. The firm highlighted a turning point in Qualcomm's product mix, noting a shift away from reliance on smartphone chips toward broader applications, including artificial‑intelligence‑enabled devices. Baird expects the new target to reflect stronger revenue growth and profitability prospects across the expanded portfolio.

The analyst’s upgrade signals heightened confidence in Qualcomm's diversification strategy and its potential to capture market share in emerging AI hardware segments.