2026년 2월 11일 · Unknown · financial · 출처 Yahoo Finance
Investing.com -- Morgan Stanley warned investors in a note Tuesday that Qualcomm faces a difficult backdrop in 2026 as memory shortages weigh on the Android ecosystem and handset demand.
Analyst Joseph Moore said the firm is resuming coverage at underweight, arguing that “earnings power is already optimized, and the memory shortage is likely to create a tough Android environment” in the second half of the year.
He noted that handset volumes “seem likely to be pressured by severe memory shortage,” adding that the impact is expected to start at the low end and “become more pervasive as the year goes on.”
The bank highlighted that Qualcomm already faces weaker smartphones, “share loss at Apple that has been well understood for some time,” and further potential share pressure within Android.
Some China-based Android customers have recently pushed out shipments due to limited memory availability, and Morgan Stanley cautioned that Qualcomm’s forecast for only a single-digit decline in handset volumes “may prove optimistic.”
Diversification has been a central focus, with Morgan Stanley arguing that automotive has been “an unequivocal success,” though it still represents only 9% of revenue.
By contrast, compute is said to remain a bigger challenge, with the Snapdragon Elite PC platform facing long-standing compatibility issues. The firm also said Qualcomm’s AI ambitions will “require a very substantial investment” with uncertain payoff.
Morgan Stanley described the stock as inexpensive but likely to “modestly underperform” unless data-center optionality strengthens, setting a price target of $132.
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