BUZZ-Qualcomm falls after BofA reinstates coverage with underperform rating
Reuters03-10
BUZZ-Qualcomm falls after BofA reinstates coverage with underperform rating
** Shares of chip designer Qualcomm QCOM.O dip 2.8% to $134.26 premarket
** Bank of America Global Research reinstates coverage on QCOM with "underperform" rating
** BofA expects significant risks from rising memory chip prices, which could strain mobile phone demand, and imminent loss of Apple AAPL.O as a customer
** Co also faces increased competition in every major business - BofA
** Brokerage says QCOM's diversification into the data center business could be inadequate to offset the mobile headwinds
** BofA sets PT of $145, still a near 5% upside to QCOM's close on Monday
** Up to last close, QCOM down nearly 20% YTD
(Reporting by Avinash P in Bengaluru)
((Avinash.P@thomsonreuters.com;))
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