Qualcomm (QCOM) Targets $15B Data Center Revenue by 2029

Qualcomm (NASDAQ: QCOM) aims for over $15 billion in data center revenue by fiscal 2029, with $5 billion expected by fiscal 2027. Piper Sandler analyst David O'Connor initiated coverage with a Neutral rating and a price target of $190.00. The firm sees $15 of earnings power for fiscal 2029, predicting a four-year earnings per share compound annual growth rate of 16%. This expansion is significant for Qualcomm as it shifts from smartphone dependency, but potential risks include whether the company can outperform expectations amidst its late entry into the data center market.