Evercore ISI lowered the firm’s price target on Qualcomm to $135 from $140 and keeps an In Line rating on the shares. Heading into Q3 earnings for the semiconductor and semiconductor equipment group, the firm believes a return to outperformance will remain difficult in the near-term given concerns regarding gradual China and consumer recovery, auto demand potentially rolling, and possible AI overbuilding and recommends “picking your spots carefully.” However, longer-term, Evercore sees semis returning to year-over-year growth sometime in Q4 and says that the past four cycles suggest about 24 months of year-over-year growth thereafter.
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