Baird Lowers Qualcomm Price Target to $177

Baird analyst Tristan Gerra lowered the price target on Qualcomm (NASDAQ: QCOM) to $177.00 (from $200.00) while maintaining an Outperform rating.

“DRAM shortages are negatively impacting Qualcomm’s smartphone unit forecast for the year.

Several handset OEMs, notably in China, are reducing their build plans and channel inventory, which could accelerate a mix shift towards the premium segment this year.

No new news yet on AI, while Automotive remains Qualcomm’s success story (38% CAGR past 3 years).

Apple remains a headwind given our views exit timing is still uncertain along with QTL potential implications. Outperform-rated on medium-term outlook.”

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