UPDATE: Stifel Downgrades Qualcomm (QCOM) to Hold; See More Downside Than Upside Amid Broadcom Bid
(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.