Qualcomm Stock Just Earned a Fresh Buy Rating—Get Excited

Key Points

• Qualcomm is up 15% from this month’s low, showing signs of a recovery.
• TD Cowen issued the first fresh Buy rating in months, with a $160 target.
• Recent volatility is fading, setting up an appealing entry ahead of earnings.

After falling to a multi-year low earlier this month, shares of Qualcomm Inc. NASDAQ: QCOM have quietly bounced back, gaining 15% from that bottom to close at $139 on Tuesday night.

Despite this rebound, the stock remains down 20% from its February high, offering a rare combination of technical recovery and deep-value appeal.

Earnings are due at the end of April, and with the stock still looking beaten down, the setup for a pre-earnings move is starting to take shape.

Qualcomm has delivered solid results quarter after quarter, but that hasn’t been reflected in the share price—at least not yet.

The return of bullish analyst sentiment could be the catalyst needed to reignite broader interest.

TD Cowen Sparks New Optimism

Last week, the team at TD Cowen issued Qualcomm its first new Buy rating in months, joining a chorus of moderate bullishness with a clearly defined upside case. Analyst Joshua Buchalter initiated the coverage with a $160 price target, implying a 15% upside from Tuesday’s close. That may not sound massive at first glance, but given the recent technical base, it could mark the beginning of a more meaningful turn.

Buchalter’s confidence was rooted in a series of investor meetings held in Europe with Qualcomm CEO Cristiano Amon, CFO Akash Palkhiwala, and members of the investor relations team. The takeaway? Qualcomm is successfully shifting its narrative beyond smartphones and doing so with a strategic clarity that many competitors still lack.

According to TD Cowen, Qualcomm’s leadership made a compelling case for its diversification efforts, particularly in areas like the Internet of Things (IoT) and Automotive. The firm highlighted the company’s ability to leverage its low-power, high-connectivity product portfolio to break into markets where demand is growing and margins can be healthy. That kind of forward positioning matters, especially in a market environment where tech investors are becoming more selective.

Diversification Story Is Starting to Stick

Qualcomm’s push beyond its traditional handset roots isn’t new, but it’s gaining traction. The company is putting its vast IP portfolio to work in adjacent sectors, particularly IoT and Automotive, where real growth opportunities exist. Management emphasized this strategic pivot in their European meetings, and TD Cowen came away impressed from those discussions.

Despite some investor concern over Qualcomm’s Technology Licensing (QTL) business, TD Cowen believes the issues are overstated. The licensing segment continues to provide a stable foundation of revenue.

As new growth drivers come online, the company may have more flexibility to smooth over any short-term turbulence.

Importantly, the company’s fundamentals remain strong, with recent reports on margins and revenue growth supporting the view that Qualcomm is operating from a position of financial strength.

That kind of balance sheet gives management room to maneuver, invest in new areas, and, when appropriate, return capital to shareholders.

Volatility Is Easing, Setup Looks Appealing

One of the more encouraging developments in recent sessions is the slowdown in volatility. After weeks of aggressive market-wide selling, Qualcomm has now posted several days of more stable trading. The panic selling appears to have eased, and buyers have started showing up in greater volume, particularly around the $130–135 range.

That behavior suggests a base may be forming, and with the stock rebounding 15% from its lows, the risk-reward profile is starting to look much more attractive. If the broader market cooperates and Qualcomm delivers another strong earnings print later this month, a sustained rebound could easily follow.

This is the exact kind of setup investors look for: solid fundamentals, improving technicals, and now, the reemergence of analyst support.

Final Thoughts

Qualcomm has spent the past two months under pressure, but the story may be starting to shift. The fresh Buy rating from TD Cowen, supported by a $160 price target, highlights the growing optimism that Qualcomm’s diversification strategy is finally taking hold.

With volatility easing and earnings just around the corner, this could be a textbook recovery trade for investors looking to get positioned early. The stock may still be 20% off its highs, but for those watching closely, the signs of a reversal are becoming harder to ignore.