As previously reported, Morgan Stanley downgraded Qualcomm (QCOM) to Equal Weight from Overweight with a price target of $132, up from $119, in conjunction with moving the firm’s industry view on Semiconductors from In-Line to Attractive. The firm says its fundamental view is turning more positive on the device side as the inventory correction runs its course and it is shifting its smartphone exposure “from defense to offense,” by downgrading Qualcomm and upgrading Qorvo (QRVO) to Overweight from Equal Weight.
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