Melius Research initiated coverage of Qualcomm (QCOM) with a Hold rating and $180 price target Despite Qualcomm being “an innovator in powerful chipsets” with an “attractive” valuation multiple, the firm sees “a few years of headwinds that are hard to ignore,” says the analyst. The firm argues that it could take a bit of time for tailwinds from smartphones, PCs and autos that need for more powerful chips as more AI apps require processing at the edge to offset a loss of business at Qualcomm’s biggest customer, Apple (AAPL), as well as overall weakness in smartphones.
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