Wolfe Research Downgrades Qualcomm (QCOM) to Peerperform

(Updated - August 12, 2024 7:12 AM EDT)

Wolfe Research analyst Chris Caso downgraded Qualcomm (NASDAQ: QCOM) from Outperform to Peerperform.

The analyst comments "Downgrade to Peer Perform. Our downgrade is based on the view that AAPL’s internal modem will finally have an impact, premium Android has by now normalized, and AI handset and IOT growth will likely be a tougher sell to investors. The stock is now at 15x our revised CY25 EPS (~15x our FY26 EPS) vs. ~14x avg P/E last 5 years. Risks to our call include stronger handset unit growth, technical issues with AAPL’s modem, or IOT growth ahead of expectations."

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 $164.48 yesterday.

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