Qualcomm Stock: A 38% Drop and Improving Analyst Sentiment Signal a Buying Opportunity

Qualcomm (QCOM) stock has faced considerable selling pressure, falling about 38% from its year-to-date (YTD) high. However, the significant decline has made Qualcomm’s risk-reward more attractive. At the same time, analyst sentiment toward QCOM has improved over the past couple of months.

Notably, the weakness in Qualcomm's CDMA Technologies (QCT) business has weighed on its performance and share price. Qualcomm generated $9.9 billion in the third quarter of fiscal 2026, a 4% year-over-year (YoY) decline, while QCT revenue fell 5% to $8.5 billion. The most significant weakness came from the handset unit, where revenue dropped 20%.