BUZZ-Analysts cautious on Qualcomm despite chip sales growth forecast

Reuters11-21 02:52

** Shares of chipmaker Qualcomm fall 6.4% to $154.25

** Stock hits over three-month low, on track for its worst day since Sept. 3

** QCOM, on Tuesday, forecast $22 bln in combined revenue over the next five years from products outside its current stronghold in smartphones, with $8 bln in automotive chip revenue by fiscal 2029

** QCOM also said President-elect Donald Trump's proposed U.S. tariffs on China are not a concern; company derives nearly half its revenue from China

** Brokerage Susquehanna cuts PT to $210 from $230; says loss of chip business from Apple could impact company's growth till 2027

** Bernstein says company has not increased auto chips pipeline and targets, while expecting growth

** Targets are dependent on new market development, the pace and magnitude of which is uncertain - BofA Global Research

** Average rating of 42 brokerages is a "buy"; their median PT is $200, according to data compiled by LSEG

** Including session's move, stock up about 6.4% YTD

(Reporting by Ragini Mathur in Bengaluru)

((Ragini.Mathur@thomsonreuters.com;))

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