Qualcomm ( (QCOM) ) has fallen by -7.99%. Read on to learn why.
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Qualcomm’s stock has seen a notable decline of 7.99% over the past week, reflecting a mix of market sentiment and analyst ratings. The company’s shares recently closed near their 52-week low, with analysts like Rick Schafer from Oppenheimer maintaining a ‘Hold’ rating. Despite the current challenges in the smartphone market and the looming loss of Apple as a major customer, Qualcomm is expanding its focus towards promising sectors like IoT, automotive, and AI, which could potentially drive future growth.
Analysts have mixed views on Qualcomm’s near-term prospects, with a Moderate Buy consensus and an average price target suggesting an upside potential. However, concerns remain due to the pressures from tariffs, Apple’s shift to in-house modem chips, and the general market distaste for smartphone stocks. Nonetheless, some analysts, including Stacy Rasgon from Bernstein, see value in Qualcomm’s diverse product portfolio and expect earnings to grow by double digits, making it a stock worth considering for the long term.
Looking ahead, Qualcomm’s upcoming Q3 earnings report is anticipated with interest, as options traders expect a significant stock movement post-announcement. The company’s strategic initiatives and acquisitions in the automotive and IoT sectors are seen as positive steps, although global trade uncertainties and technical signals pose risks. With a Moderate Buy rating from Wall Street, Qualcomm remains a stock to watch for potential recovery and growth in the tech sector.