RBC Capital analyst Srini Pajjuri initiated coverage of Qualcomm (QCOM) with a Sector Perform rating and $180 price target. The stock’s valuation appears attractive, but RBC doesn’t see many immediate catalysts given market share headwinds at Apple (AAPL) and Samsung (SSNLF), the analyst tells investors in a research note. High Memory prices could also impact overall smartphone demand, and it is also still “too early” to give credit to Qualcomm on the GenAI front given limited details on product performance, the firm added.
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