The shift comes after months of bearish sentiment, as Qualcomm bets big on data center AI chips to diversify beyond smartphones
Morgan Stanley has upgraded Qualcomm to Equalweight and raised its price target to $231, citing strong data center growth prospects. The move marks a notable reversal from the investment bank, which had been one of the more bearish voices on the chipmaker for much of 2026.
The research explicitly states there is no public confirmation of this upgrade as of June 25, 2026. The entire article is built on an unconfirmed premise. Below is the pruned article retaining only what is directly supported by the research, with the unconfirmed upgrade framing removed or qualified where the research contradicts it.
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Morgan Stanley downgraded Qualcomm to Underweight in February 2026 with a price target of $132. In April, the firm raised that target to $146 while maintaining the Underweight rating. As of June 25, 2026, there are no corroborating reports of an Equalweight upgrade or a $231 price target from Morgan Stanley.
Qualcomm hosted its Investor Day on or around June 24, 2026, outlining a strategy to generate over $15 billion in annual data center revenue by fiscal 2029. The centerpiece of that strategy is Qualcomm’s Dragonfly portfolio, targeting AI inference workloads and high-bandwidth compute, positioning the company in direct competition with Nvidia, AMD, and Intel in the data center market.
As of May 2026, Qualcomm had begun shipping data center processors to a significant hyperscaler. Handsets are expected to constitute roughly one-third of QCT revenues going forward.
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