Qualcomm Inc (NASDAQ:QCOM) could lose market share, "while its addressable market shrinks this year," according to Seaport Research Partners.

The Qualcomm Analyst: Analyst Jay Goldberg downgraded the rating from Neutral to Sell, while keeping the price target at $100.

The Qualcomm Thesis: 2026 is likely to be a "difficult year" for the company, Goldberg said in the downgrade note.

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The analyst mentioned that Qualcomm's challenges this year stem from:

  • A decline in mobile phone volumes in 2026, expected to be 10%-15%, due to higher memory prices.
  • Qualcomm’s customers are losing share in their end markets.
  • The risk of the company "losing addressable market to internal silicon is growing more acute, with no obvious remedy in sight."

While Android handset makers are reducing memory content in their devices or slashing prices, Apple Inc (NASDAQ:AAPL) sources memory at a lower cost than most of its competitors and could gain market share, he stated.

Apple is also "working Qualcomm out of their bill of materials, with Qualcomm likely going to zero with next year’s models," the analyst further wrote.

QCOM Price Action: Shares of Qualcomm had declined by 0.10% to $129.70 at the time of publication on Monday.

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