Daiwa analyst Louis Miscioscia downgraded Qualcomm to Outperform from Buy with an unchanged price target of $125 following last week’s Q2 results. China has not seen a rebound, overall consumer demand is weak, inventory levels are high and Apple bought product more heavily earlier in the year, the analyst tells investors in a research note. The firm cites a “more muted outlook” for the downgrade but still view the business as having growth potential in the long term.
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 today’s best-performing stocks on TipRanks >>
Read More on QCOM:
- Qualcomm to participate in a conference call with JPMorgan
- INTC, AMD, or QCOM: Which Chip Stock do Analysts Find Most Attractive?
- Qualcomm (NASDAQ:QCOM) Comes Back with New Tech Deal
- Qualcomm Shares (NASDAQ:QCOM) Plunge: Q3 Results Stir Concern
- Qualcomm downgraded, Wingstop upgraded: Wall Street’s top analyst calls