- The shares of Qualcomm, Inc. (NASDAQ: QCOM) have received a price target increase from $150 to $195 by Evercore. These are the details.
The shares of Qualcomm, Inc. (NASDAQ: QCOM) have received a price target increase from $150 to $195 by Evercore. And Evercore analyst C.J. Muse downgraded the rating of Qualcomm’s shares from a previous rating of “Outperform” to “In Line.”
Muse pointed out that the company’s stock price is up 146% ever since the settlement with Apple was signed.
“While Qualcomm has had a good run, up 146% since before the Apple settlement and 59% since our addition to Top Picks in June 2020, we now believe the lion’s share of the 5G smartphone upcycle is priced into shares,” wrote Evercore analyst C.J. Muse in a research report. “Looking ahead, we point to a likely worsening competitive environment (MTEK primarily, but also Exynos and internal), AAPL sentiment turning from 5G design win to potential insourcing, slowing mmWave penetration, and likely rising foundry pricing that suggests risk/reward today is much more balanced.”
Muse noted that even though the consensus estimates for the June quarter was too high, management will likely guide better than consensus for the September quarter this earnings season — which could be a near-term positive.
“But when we add up all the pluses and minuses, we now think risk/reward is balanced and do not expect QCOM to outperform our coverage universe from here,” added Muse.
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