UPDATE: Stifel Downgrades Qualcomm (QCOM) to Hold; See More Downside Than Upside Amid Broadcom Bid
Get Alerts QCOM Hot Sheet
Rating Summary:
29 Buy, 21 Hold, 4 Sell
Rating Trend: Down
Today's Overall Ratings:
Up: 16 | Down: 11 | New: 13
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(updated to add analyst comments)
Stifel downgraded Qualcomm (NASDAQ: QCOM) from Buy to Hold with a price target of $75.00 (from $65.00) amid the Broadcom (NASDAQ: AVGO) acquisition bid.
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.
For an analyst ratings summary and ratings history on Qualcomm click here. For more ratings news on Qualcomm click here.
Shares of Qualcomm closed at $68.14 yesterday.
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