Movement Alert｜Qualcomm Falls 3.04% in Regular Trading, Multiple Banks Cut Price Targets Amid Sector-Wide Selling

Market Focus08-11 03:55

On August 11, Qualcomm fell 3.04% in regular trading, trading at $162.76/share, with turnover of $1.131 billion. The decline comes as a wave of investment bank price target cuts continues to weigh on sentiment following weak quarterly results.

Daiwa Securities recently lowered its price target on Qualcomm from $225 to $180 while maintaining an Outperform rating. This follows earlier cuts from UBS (to $170), Mizuho (to $170), Wells Fargo (to $170), JPMorgan (to $215), Bank of America (to $180), Bernstein (to $165), and Evercore ISI (to $159). The company's fiscal Q3 net income fell 25% year-over-year, while Q4 guidance came in below expectations. Apple-related revenue decline is accelerating, and surging memory costs are creating persistent margin pressure. The CEO warned that the smartphone market will remain in a prolonged slump and that rising memory prices are altering consumer behavior.

The broader semiconductor sector traded lower on the same session, with Intel down 4.02%, NVIDIA down 2.82%, AMD down 2.44%, Broadcom down 1.27%, and Micron down 1.14%, amplifying the sector-wide headwinds.

(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

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