Qualcomm initiated with a Hold at Loop Capital

Loop Capital initiated coverage of Qualcomm (QCOM) with a Hold rating and $180 price target. The firm believes that the company needs revenue diversity “more than anything”, especially considering that Apple (AAPL) is in the early stages of moving to its own baseband modem and that the smartphone market is mature, the analyst tells investors in a research note. Loop adds that the AI upgrade cycle is showing mixed results, and its review of the “moving parts” indicates that the stock warrants a neutral stance.