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Feb 2, 2026 4:01 PM

Apple To Give Qualcomm Holiday Boost, But Trouble Looms Next Quarter

Qualcomm Inc. (NASDAQ:QCOM) could deliver a better-than-expected December quarter thanks to Apple Inc. (NASDAQ:AAPL) strength, yet a softer smartphone market and higher operating costs may quickly dim the outlook.

JPMorgan Securities has reduced its price forecast for Qualcomm to $195 from $210 while keeping an Overweight rating on the stock, according to a research note released Monday.

The firm’s analysts, led by Samik Chatterjee, cited concerns about smartphone industry dynamics impacting the company’s licensing revenue and increased operating expenses from recent acquisitions.

Earnings Estimates Lowered

JPMorgan lowered its fiscal year 2026 earnings estimate to $11.50 from $11.80 previously, and its fiscal 2027 forecast to $12.15 from $12.80. The analysts expect first-quarter fiscal 2026 revenue of $12.6 billion versus consensus of $12.2 billion, but anticipate a softer second quarter with revenue of $10.8 billion compared to consensus expectations of $11.2 billion.

JPMorgan expects the first quarter of fiscal year 2026 revenue ...

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