Qualcomm reported earnings on Wednesday, but its outlook fell short of expectations, leaving Wall Street cautious about its prospects. According to Sina Finance, Bernstein analyst Stacy Rasgon rated the stock Market Perform with a $155 price target, while Morgan Stanley analyst Joseph Moore gave it an Equal Weight rating with a $197 target. Multiple research reports noted that customer diversification had become a frequent topic in Wall Street discussions of Qualcomm. Moore said on Thursday that attention had shifted to business diversification, including Qualcomm's goal of generating $5 billion in data center revenue in fiscal 2027 and more than $15 billion in fiscal 2029, while maintaining growth momentum in its automotive business.