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Bernstein thinks Wall Street is unnecessarily beating on Qualcomm stock. The firm reiterated an outperform rating on the chipmaker on Tuesday, alongside a $185 per share price target. Bernstein’s forecast implies about 26% upside from Monday’s $146.63 close. Analyst Stacy Rasgon labeled Qualcomm the “Rodney Dangerfield of semiconductor stocks,” in reference to the comedian famous for saying he “gets no respect.” Rasgon said the company is making strides toward shedding some of the lingering doubts about its growth prospects . “Indeed, the name has been the quintessential ‘Rodney Dangerfield’ of semiconductor stocks, garnering no respect regardless of the fundamentals,” Rasgon said. “But this is no longer the Qualcomm of old. Smartphones have stabilized, and the company’s own revenue drivers are increasingly diversifying into other areas.” He added that the loss of Apple as a customer for its modems is a headwind that is already adequately priced into the stock, while the broader competition has quieted and regulatory worries have abated. The analyst also forecast a bottoming of the smartphone market that could be a tailwind for the stock. Shares have slipped about 5% in 2025. “AAPL headwinds are approaching but are known, the product portfolio is stronger than ever, option value exists, and the shares are very inexpensive,” Rasgon said.
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