BNP Paribas Downgrades Qualcomm Target Amid Smartphone Industry Weakness
BNP Paribas has downgraded Qualcomm (QCOM) to Neutral from Outperform and reduced its price target from $180 to $120, citing ongoing smartphone industry weakness and pressure from memory pricing. The firm expects continued demand challenges for Qualcomm in the short to medium term. Meanwhile, Snap Inc. has announced a multi-year agreement with Qualcomm for its smart glasses, which will use Qualcomm's Snapdragon XR processor.
Topics: analyst downgrade price target Qualcomm smartphone market Snap Inc. stock analysis