Citi Is Souring on Qualcomm (QCOM) Stock

Core Viewpoint - Qualcomm's stock has been downgraded from a "buy" to a "neutral" rating by Citi analyst Christopher Danely, despite maintaining a price target of $160 per share, indicating a potential increase of 7.7% from its prior close [1][2]. Group 1 - The downgrade reflects disappointment with Qualcomm's recent earnings report, leading to a reassessment of the company's growth prospects [2]. - The analyst noted that the previous upgrade was based on expectations of market share gains at Samsung and a belief in a "beat and raise" cycle, which now appears to be ending [2]. - As of Thursday morning, Qualcomm's stock is down 2.4% following the downgrade [2]. Group 2 - The consensus rating among analysts remains a moderate buy based on 22 opinions, with a consensus price prediction of $145.78 per share, which is below Citi's target [1].