{"id":10530,"date":"2023-08-09T16:37:27","date_gmt":"2023-08-09T16:37:27","guid":{"rendered":"https:\/\/isafespend.com\/investing\/qualcomm-cut-at-daiwa-on-more-muted-outlook\/"},"modified":"2023-08-09T16:37:28","modified_gmt":"2023-08-09T16:37:28","slug":"qualcomm-cut-at-daiwa-on-more-muted-outlook","status":"publish","type":"post","link":"https:\/\/isafespend.com\/?p=10530","title":{"rendered":"Qualcomm cut at Daiwa on more muted outlook"},"content":{"rendered":"
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\u00a9 Reuters. Qualcomm (QCOM) cut at Daiwa on more muted outlook<\/span>
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Daiwa Capital Markets downgraded shares of Qualcomm Incorporated (NASDAQ:) to Outperform from Buy in a note Wednesday, maintaining a $125 price target on the stock.<\/p>\n

The firm told investors that the company now has a more muted outlook following its earnings release on August 2.<\/p>\n

The company posted Q3 earnings of $1.87 per share, $0.06 better than the analyst estimate of $1.81. However, revenue for the quarter came in at $8.44 billion, below the consensus estimate of $8.51 billion.<\/p>\n

“The issues of prior quarters remain; China not seen a rebound, overall consumer demand is weak, high inventory levels and Apple (NASDAQ:) bought product more heavily earlier in the year,” the note said.<\/p>\n

“Add to this going forward as Huawei starts shipping 5G phones, Qualcomm does not have a license here for 5G, only with 4G, thus will lose about $1B in recurring revenue.”<\/p>\n

While Daiwa still views the business as having long-term growth potential, especially from Auto and IoT, it notes that near-term Auto is only 6% of QCT revenue.<\/p>\n

“IoT is larger at ~20%, but needs the consumer and macro to rebound,” it added, stating that the company has a “tough growth year ahead.”<\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

\u00a9 Reuters. Qualcomm (QCOM) cut at Daiwa on more muted outlook Daiwa Capital Markets downgraded shares of Qualcomm Incorporated (NASDAQ:) to Outperform from Buy in a note Wednesday, maintaining a $125 price target on the stock. The firm told investors that the company now has a more muted outlook following its earnings release on August<\/p>\n","protected":false},"author":1,"featured_media":10531,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[49],"tags":[32],"class_list":{"0":"post-10530","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-investing","8":"tag-featured"},"yoast_head":"\nQualcomm cut at Daiwa on more muted outlook | iSafeSpend<\/title>\n<meta name=\"description\" content=\"\u00a9 Reuters. 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