As previously reported, BNP Paribas analyst David O’Connor downgraded Qualcomm (QCOM) to Neutral from Outperform with a price target of $120, down from $180, telling investors that the firm sees “no end in sight for smartphone woes.” With the memory pricing squeeze unlikely to ease anytime soon, the firm sees this continuing to translate into smartphone demand destruction and sees “no relief” for Qualcomm in the short to medium term, the analyst tells investors.
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