BNP Paribas Cuts QUALCOMM (QCOM) Target on Ongoing Smartphone Weakness

QUALCOMM Incorporated (NASDAQ:QCOM) is included among the 12 High Dividend Stocks Picked by Billionaire Ray Dalio.

BNP Paribas Cuts QUALCOMM (QCOM) Target on Ongoing Smartphone Weakness

On April 17, David O’Connor of BNP Paribas downgraded QUALCOMM Incorporated (NASDAQ:QCOM) to Neutral from Outperform. He also cut the price target to $120 from $180. He told investors the firm sees “no end in sight for smartphone woes.” In his view, pressure from memory pricing is not easing anytime soon. That strain is feeding into weaker smartphone demand. As a result, the firm expects this to continue weighing on volumes and sees “no relief” for Qualcomm in the short to medium term.

On April 10, Reuters reported that Specs, the smart glasses unit of Snap Inc., formed earlier this year, will use Qualcomm chips for its upcoming devices under a multi-year agreement announced on April 10. This marks the unit’s first major step. The companies said the smart glasses, set to launch later this year, will run on the Snapdragon XR processor platform. Financial terms were not disclosed.

The agreement builds on an existing relationship. Qualcomm chips have powered several earlier versions of Snap’s developer-focused smart glasses, known as Spectacles.

QUALCOMM Incorporated (NASDAQ:QCOM) develops and commercializes core technologies for the wireless industry. Its work spans 3G, 4G, and 5G connectivity, along with high-performance, low-power computing. That includes on-device artificial intelligence.

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