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<Research>Citi Estimates Qualcomm's Mobile Chip Sales to Sink QoQ by End-Sep, Axes TP to USD140
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After Qualcomm (QCOM.US) delivered weaker-than-expected guidance for the second fiscal quarter ending in March, its stock price slumped by 10%, Citi's research report noted. This forecast was attributed to the shortage of traditional DRAM components, particularly in the low-end Android market in China. Due to memory supply constraints, seasonal factors, and Apple's increased insourcing of modem chips, Qualcomm's mobile chip sales were projected to shrink QoQ until the fourth fiscal quarter ending September. Citi also noted that investors are looking forward to updates on data center chips and customer progress. Based on the lowered mobile sales expectations, Citi reduced Qualcomm's EPS estimates for 2026 and 2027 by 13% and 12%, respectively. Citi lowered Qualcomm's target price from USD180 to USD140, maintaining a Neutral rating. AASTOCKS Financial News Website: www.aastocks.com |
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