Baird analyst Tristan Gerra raised the price target on Qualcomm (NASDAQ: QCOM) to $400.00 (from $300.00) while maintaining a Outperform rating.

The analyst comments "We view the accelerated Apple exit timeline as incrementally positive. Revenue diversification is at a turning point, with data center revenue expected to reach $5B in F2027 (11% of our total revenue estimate) and handsets below 50% of total revenue each quarter next year. We believe agentic-AI run smartphones could spell the beginning of a unit and content rebound starting in 2028. Outperform-rated."