Qualcomm Stock Downgraded on Industry Headwinds

Qualcomm shares fell 1.1% to $128.88 after Bernstein downgraded the stock to 'market perform' from 'outperform' and cut its price target to $140 from $175 (a $35 reduction). The downgrade and significant PT cut reduce analyst conviction and are likely to pressure near-term sentiment for the semiconductor/technology name.

Analysis

Qualcomm shares fell 1.1% to $128.88 after Bernstein downgraded the stock to 'market perform' from 'outperform' and cut its price target to $140 from $175 (a $35 reduction). The downgrade and significant PT cut reduce analyst conviction and are likely to pressure near-term sentiment for the semiconductor/technology name.