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Deutsche Bank Downgrades Qualcomm

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Fintel reports that on August 3, 2023, Deutsche Bank downgraded their outlook for Qualcomm (NASDAQ:QCOM) from Buy to Hold.

Analyst Price Forecast Suggests 7.59% Upside

As of August 2, 2023, the average one-year price target for Qualcomm is 139.08. The forecasts range from a low of 95.95 to a high of $192.15. The average price target represents an increase of 7.59% from its latest reported closing price of 129.27.

See our leaderboard of companies with the largest price target upside.

The projected annual revenue for Qualcomm is 41,166MM, an increase of 6.69%. The projected annual non-GAAP EPS is 10.43.

What is the Fund Sentiment?

There are 3640 funds or institutions reporting positions in Qualcomm. This is a decrease of 76 owner(s) or 2.05% in the last quarter. Average portfolio weight of all funds dedicated to QCOM is 0.63%, an increase of 11.60%. Total shares owned by institutions decreased in the last three months by 2.55% to 895,800K shares. The put/call ratio of QCOM is 1.01, indicating a bearish outlook.

What are Other Shareholders Doing?

VTSMX – Vanguard Total Stock Market Index Fund Investor Shares holds 34,517K shares representing 3.10% ownership of the company. In it’s prior filing, the firm reported owning 34,077K shares, representing an increase of 1.27%. The firm increased its portfolio allocation in QCOM by 8.53% over the last quarter.

VFINX – Vanguard 500 Index Fund Investor Shares holds 26,017K shares representing 2.34% ownership of the company. In it’s prior filing, the firm reported owning 25,914K shares, representing an increase of 0.40%. The firm increased its portfolio allocation in QCOM by 8.05% over the last quarter.

Geode Capital Management holds 21,033K shares representing 1.89% ownership of the company. In it’s prior filing, the firm reported owning 20,599K shares, representing an increase of 2.06%. The firm increased its portfolio allocation in QCOM by 9.59% over the last quarter.

Alliancebernstein holds 16,864K shares representing 1.51% ownership of the company. In it’s prior filing, the firm reported owning 18,000K shares, representing a decrease of 6.73%. The firm decreased its portfolio allocation in QCOM by 12.40% over the last quarter.

Price T Rowe Associates holds 16,356K shares representing 1.47% ownership of the company. In it’s prior filing, the firm reported owning 15,862K shares, representing an increase of 3.02%. The firm increased its portfolio allocation in QCOM by 11.35% over the last quarter.

Qualcomm Background Information
(This description is provided by the company.)

Qualcomm is the world’s leading wireless technology innovator and the driving force behind the development, launch, and expansion of 5G. When people connected the phone to the internet, the mobile revolution was born. Today, foundational technologies enable the mobile ecosystem and are found in every 3G, 4G and 5G smartphone. The company brings the benefits of mobile to new industries, including automotive, the internet of things, and computing, and are leading the way to a world where everything and everyone can communicate and interact seamlessly. Qualcomm Incorporated includes licensing business, QTL, and the vast majority of patent portfolio. Qualcomm Technologies, Inc., a subsidiary of Qualcomm Incorporated, operates, along with its subsidiaries, substantially all of our engineering, research and development functions, and substantially all of our products and services businesses, including our QCT semiconductor business.

This article originally appeared on Fintel

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