- Mizuho analyst Vijay Rakesh lowered the price target on Qualcomm Inc (NASDAQ:QCOM) to $185 from $210 (35.1% upside) and kept a Buy rating.
- The first half of 2022 brings "multiple headwinds" to China handset manufacturers from weaker 5G demand, extended COVID lockdowns, and a more competitive Apple Inc (NASDAQ:AAPL) iPhone.
- The headwinds are driving potentially increased radio frequency inventory and weaker 5G SoC demand.
- Rakesh also cut the price target on Qorvo Inc (NASDAQ:QRVO) to $135 from $155 (19.1% upside), Skyworks Solutions Inc (NASDAQ:SWKS) to $175 from $210 (48.7% upside), and Synaptics Inc (NASDAQ: SYNA) to $250 from $290 (63.6% upside).
- He saw negative investor sentiment, especially with Shanghai, the most significant manufacturing hub in China for handsets/PC/autos, in lockdown with logistics constraints.
- Other headwinds included the Ukraine crisis, rising inflation, interest rates, and supply chain crisis.
- Price Action: QCOM shares traded lower by 1.44% at $134.49 in the premarket on the last check Monday.
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Mizuho Slashes Qualcomm Price Target - Read Why
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