$Qualcomm(QCOM)$ would you trim if you have $Qualcomm(QCOM)$ ?
At the current QCOM price around $202, I would trim modestly rather than exit, especially after the sharp move from the $160–180 area. QCOM jumped about 9.3% on Sept. 21 and closed at $201.97 on Sept. 25.
Why I’d trim some
1. The recent rally has caught up with near-term valuation. QCOM is now around 23× trailing earnings / ~20× forward earnings. The current analyst consensus target is about $204, essentially around the market price.
2. The fundamental picture is mixed.
The latest quarter showed:
* Revenue $9.95B, -4% YoY
* Handset revenue -20%
* Automotive revenue +61%
* Q4 adjusted EPS guidance $2.05–$2.25, below the then-consensus $2.35.
So the diversification into automotive, IoT and AI/data-centre applications is promising, but handsets remain a major drag.
3. Apple’s modem transition remains an overhang.
That’s one reason I wouldn’t treat QCOM like an AMD/NVDA-style AI growth stock yet. Qualcomm needs its newer businesses to offset the structural loss of Apple’s modem business.
What I’d do
If I owned QCOM today:
QCOM price My action
<$170 🟢 Add
$170–185 🟢 Accumulate
$185–205 🟡 Hold / small trim
$205–225 🟠 Trim another portion
>$230 🔴 I’d be much more aggressive about taking profit
So at ~$202, I’d consider selling perhaps 15–25% of the position, not abandoning it.
The reason is that QCOM is actually becoming more interesting fundamentally as automotive and edge AI grow, but after this rally I’d rather have some cash available if the market gives us another pullback.
And compared with the other semiconductor names you’ve been looking at, I’d be more inclined to keep QCOM as a value/income/AI-edge diversification holding than chase it after this particular rally.
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