Deutsche Bank analyst Ross Seymore downgraded Qualcomm to Hold from Buy with a price target of $120, down from $130. The company reported an in-line quarter and guidance, but management’s “soft commentary” around the December quarter and incremental headwinds in 2024 lead to an 8% reduction in 2024 earnings estimates, the analyst tells investors in a research note. The firm says the duration of the headwinds Qualcomm continues to face in its handset segment is “leading to rising structural rather than just cyclical questions.” It believes the shares are fairly valued and likely to remain in a $120 trading range until these cyclical and structural uncertainties are resolved.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See the top stocks recommended by analysts >>
Read More on QCOM:
- Qualcomm Shares (NASDAQ:QCOM) Plunge: Q3 Results Stir Concern
- Qualcomm price target lowered to $140 from $145 at Susquehanna
- Qualcomm (NASDAQ:QCOM) Slips after Q3 Revenue and Guidance Disappoint
- Qualcomm Earnings Release Available on Company’s Investor Relations Website
- Qualcomm sees Q4 adjusted EPS $1.80-$2.00, consensus $1.91