Qualcomm downgraded to Hold on lack of catalyst at HSBC

HSBC analyst Frank Lee downgraded Qualcomm to Hold from Buy with a price target of $200, up from $190. The company’s fiscal Q3 report should be in line but its Q4 outlook could potentially miss due to lower handset revenue, the analyst tells investors in a research note. The firm says smartphone concerns remain while the artificial intelligence PC narrative is “less bullish than expected.” Amid smartphone uncertainty and lower margins, HSBC believes Qualcomm’s risk/reward is less attractive. It cites a lack of catalysts and “lackluster” AI PC narrative for the downgrade.