Qualcomm resumed with a Market Perform at Raymond James

Raymond James analyst Srini Pajjuri resumed coverage of Qualcomm with a Market Perform rating and no price target. The company will benefit from a cyclical recovery, but its secular tailwinds are fading, the analyst tells investors in a research note. The 5G cycle is behind in premium phones, and mid-end "won’t move the needle much" given Qualcomm’s size, contends the firm.