Qualcomm resumed with an Underweight at Morgan Stanley

Morgan Stanley resumed coverage of Qualcomm (QCOM) with an Underweight rating and $132 price target The company’s earnings power is “already optimized” and the memory shortage is likely to create a “tough” Android environment in the second half of 2026, the analyst tells investors in a research note. The firm believes the company’s handset volumes are likely to be pressured by the “severe” memory shortage, starting at the low end and becoming more pervasive as the year goes on.