Melius Research initiated coverage of Qualcomm (QCOM) with a Hold rating and $180 price target Despite Qualcomm being “an innovator in powerful chipsets” with an “attractive” valuation multiple, the firm sees “a few years of headwinds that are hard to ignore,” says the analyst. The firm argues that it could take a bit of time for tailwinds from smartphones, PCs and autos that need for more powerful chips as more AI apps require processing at the edge to offset a loss of business at Qualcomm’s biggest customer, Apple (AAPL), as well as overall weakness in smartphones.
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Read More on QCOM:
- Apple in-house modem to replace Qualcomm debuts next spring, Bloomberg says
- Qualcomm down 1% as Bloomberg offers details of Apple modem plans
- Apple planning 3-yr modem chip rollout in move to outdo Qualcomm, Bloomberg says
- China retaliates against U.S. chip restrictions, FT reports
- New China Export Ban Targets Military Materials
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
