--- title: "Double bearish pressures! Goldman Sachs and Bernstein collectively have a pessimistic outlook on Qualcomm: loss of Apple’s market share + weak smartphone demand, buybacks and AI are struggling to support the stock price" type: "News" locale: "en" url: "https://longbridge.com/en/news/281480195.md" description: "Goldman Sachs and Bernstein recently expressed pessimism about Qualcomm's prospects, believing that weak smartphone demand and the loss of Apple orders will pose risks to the company. Goldman Sachs assigned Qualcomm a \"Neutral\" rating with a target price of $135, noting that the loss of core customers may affect revenue diversification. Bernstein downgraded Qualcomm's rating to \"Market Perform\" with a target price reduced to $140, believing that the cost pressure on memory chips is increasing, market expectations for Qualcomm's performance are too high, and there are risks associated with expiring licensing agreements" datetime: "2026-04-02T07:08:03.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/281480195.md) - [en](https://longbridge.com/en/news/281480195.md) - [zh-HK](https://longbridge.com/zh-HK/news/281480195.md) --- # Double bearish pressures! Goldman Sachs and Bernstein collectively have a pessimistic outlook on Qualcomm: loss of Apple’s market share + weak smartphone demand, buybacks and AI are struggling to support the stock price According to the Zhitong Finance APP, recently, Goldman Sachs and Bernstein have consecutively published research reports, expressing a pessimistic outlook on Qualcomm's (QCOM.US) growth prospects, stating that the weakness in smartphones and the loss of Apple (AAPL.US) orders may pose potential risks to the company. Goldman Sachs analyst James Schneider initiated coverage on Qualcomm with a "Neutral" rating and a target price of $135. The analyst pointed out that Qualcomm is leveraging its intellectual property to expand into related markets such as automotive, personal computers, and data centers to promote revenue diversification. However, Goldman Sachs also believes that the loss of market share from core smartphone customers, including Apple, may partially offset the effectiveness of this strategy, and this factor will also exert pressure on Qualcomm's fundamentals. Earlier, Bernstein had downgraded Qualcomm's rating from "Outperform" to "Market Perform," lowering the target price from $175 to $140. The firm stated that the cost pressures related to memory chips are intensifying, and price increases have a "significant negative impact" on global smartphone shipments, while the current market consensus expectations for Qualcomm's performance are "clearly too high." Bernstein also mentioned that even with favorable factors such as stock buybacks and data center business expansion, it is difficult to offset the impact of weak smartphone demand. Additionally, it warned that Qualcomm's licensing agreement with Apple may expire within the next year, and the associated risks should be taken seriously. It is understood that Qualcomm focuses on the research and commercialization of core wireless communication technologies, with businesses covering 3G, 4G, and 5G connectivity technologies, as well as high-performance low-power computing and edge artificial intelligence ### Related Stocks - [QCOM.US](https://longbridge.com/en/quote/QCOM.US.md) - [AAPL.US](https://longbridge.com/en/quote/AAPL.US.md) - [AAPX.US](https://longbridge.com/en/quote/AAPX.US.md) - [XLC.US](https://longbridge.com/en/quote/XLC.US.md) - [SMH.US](https://longbridge.com/en/quote/SMH.US.md) - [AAPU.US](https://longbridge.com/en/quote/AAPU.US.md) - [QCMD.US](https://longbridge.com/en/quote/QCMD.US.md) - [SOXL.US](https://longbridge.com/en/quote/SOXL.US.md) - [PSI.US](https://longbridge.com/en/quote/PSI.US.md) - [QCMU.US](https://longbridge.com/en/quote/QCMU.US.md) - [AAPB.US](https://longbridge.com/en/quote/AAPB.US.md) - [SOXX.US](https://longbridge.com/en/quote/SOXX.US.md) - [QCML.US](https://longbridge.com/en/quote/QCML.US.md) - [FTXL.US](https://longbridge.com/en/quote/FTXL.US.md) - [XSD.US](https://longbridge.com/en/quote/XSD.US.md) - [AAPD.US](https://longbridge.com/en/quote/AAPD.US.md) - [AAPY.US](https://longbridge.com/en/quote/AAPY.US.md) - [APLY.US](https://longbridge.com/en/quote/APLY.US.md) ## Related News & Research - [Qualcomm quarterly forecast underwhelms, but CEO says worst of memory crunch over](https://longbridge.com/en/news/284633920.md) - [Fitzgerald Sees 9% Plunge Ahead for Qualcomm Stock (QCOM) Despite 12% Rally](https://longbridge.com/en/news/284258731.md) - [Intel, Qualcomm Alert: Analyst Says Some Chip Stocks Are 'Living In A Bad Neighborhood'](https://longbridge.com/en/news/284436656.md) - [Qualcomm's stock soars as an AI opportunity emerges](https://longbridge.com/en/news/284224105.md) - [Qualcomm plots entry in data center market, working with hyperscaler](https://longbridge.com/en/news/284654304.md)