The article argues the market still prices Qualcomm like a handset maker in a downturn, even as its automotive, data center and custom silicon businesses build momentum. The 24/7 Wall St. price target is $218.99, 24.7% above the current $175.66, and the model rates the stock a buy with 90% confidence. Automotive revenue rose 61% year over year in fiscal Q3, and management targets $40B in non-handset revenue by fiscal 2029, with data center revenue projected at $15 billion by then. The bull case reaches $238.29 and the bear case $185.93; key risks include an expected drop of about 50% in Apple product revenue from the September quarter to the December quarter and higher memory costs. Of Wall Street analysts, 2 rate the stock a strong buy, 9 a buy and 23 a hold.
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