BofA analyst Tal Liani lowered the firm’s price target on Qualcomm (QCOM) to $200 from $245 and keeps a Buy rating on the shares. After taking a deeper look into Qualcomm’s long-term revenue growth outlook across its core and adjacent QCT markets, the analyst believes there are only limited near term catalysts for the stock and lowered estimates and the firm’s price target to reflect BofA’s updated growth outlook. However, the firm reiterates a Buy rating, supported by what it sees as a “low valuation” and also by long term growth initiatives.
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