Qualcomm (NASDAQ:QCOM) stock is slipping on Thursday after the wireless technology company’s shares were downgraded by Citi analyst Christopher Danely.
That saw the Citi analyst dropping shares of QCOM stock from a “buy” rating to a “neutral” rating. That’s below the analysts’ consensus rating of moderate buy based on 22 opinions.
Despite that downgrade, Danely maintained the firm’s price target of $160 per share for QCOM. That represents a potential increase of 7.7% over its prior close. It’s also still above the analysts’ consensus price prediction of $145.78 per share for the stock.
What’s Behind the QCOM Stock Downgrade?
The Citi analyst wasn’t impressed by the most recent Qualcomm earnings report. He said the following about this in a note to clients obtained by CNBC:
“When we upgraded the stock to Buy, we believed Qualcomm would gain share at Samsung and the stock should trade at a higher valuation given our belief in a beat and raise cycle and we were wrong. QCOM is within 10% of our price target and it appears the beat and raise cycle is ending so we are downgrading from Buy to Neutral.”
QCOM stock is down 2.4% as of Thursday morning.
There are even more stock market stories that traders will want to read about below!
We have all of the hottest stock market news worth reading about on Thursday! A few examples include why shares of Plug Power (NASDAQ:PLUG), Infobird (NASDAQ:IFBD) and Revelation Biosciences (NASDAQ:REVB) stock are in the news today. You can catch up on these matters at the following links!
More Stock Market News for Thursday
- PLUG Stock Pops as Plug Power Reaches Major Milestone
- Why Is Infobird (IFBD) Stock Down 31% Today?
- Why Is Revelation Biosciences (REVB) Stock Down 62% Today?
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
