Qualcomm Initiated With Outperform Rating Ahead of Q3 Earnings 
<p>Wolfe Research analysts started coverage on <a href='https://financialmodelingprep.com/financial-summary/QCOM'>Qualcomm (NASDAQ:QCOM)</a> with an Outperform rating and a price target of $145.00 ahead of the company’s upcoming Q3/23 earnings announcement, scheduled on July 26.</p>
<p>The analysts stated that they believe the smartphone market is approaching a low point in its cycle following a period of over a year dedicated to correcting inventory. They also note that the downturn has been longer than anticipated due to what they perceive as Android losing market share to the iPhone in a structural manner. According to the analyst, Qualcomm is currently shipping fewer units than what customers are consuming, which could lead to positive mean reversion once the inventory normalizes.</p>
<p>The analysts highlighted that a challenge for Qualcomm in 2024 is the loss of iPhone modem revenue. However, since this loss is already factored into the company's guidance, it could potentially be a source of upside if Apple fails to qualify their modem again. In the long run, Qualcomm possesses options that are not available to other smartphone participants, such as secure design wins in the automotive industry and the potential for expansion into the PC market.</p>

NASDAQ:QCOM