Qualcomm placed on ‘Negative Catalyst Watch’ at JPMorgan

JPMorgan placed Qualcomm on “Negative Catalyst Watch” into the earnings report. The firm is yet to see any significant change in the fundamentals for the smartphone market with the recovery expected to “remain muted” in 2024. Additionally, recent data relative to the smartphone market in China also raises concerns around limited underlying recovery, despite a robust outcome for Q4 of 2023, the analyst tells investors in a research note. Qualcomm shares are up 20% year-to-date, which may set up the stock for disappointment, contends JPMorgan. It keeps an Overweight rating on the name with a $170 price target.