UPDATE: Stifel Downgrades Qualcomm (QCOM) to Hold; See More Downside Than Upside Amid Broadcom Bid
(updated to add analyst comments)
Analyst Kevin Cassidy said they believe Broadcom may increase the offer slightly to the $75 - $80 range. Meanwhile, if Broadcom withdraws the offer, the QCOM shares may return to the $47 - $55.
This puts a ~25% downside risk to the shares and a ~7% upside to their revised $75 12-month target price.
Shares of Qualcomm closed at $68.14 yesterday.