BNP Paribas downgrades QCOM to Neutral, cuts target to $120, citing ongoing smartphone demand weakness and memory-pricing pressure; near-term volumes expected to stay pressured despite a Snap smart glasses chip-supply partnership.BNP Paribas downgraded Qualcomm to Neutral and lowered its price target to $120, citing persistent smartphone demand weakness and memory-pricing pressure likely to weigh on near-term volumes. Despite the downgrade, Qualcomm has secured a chip-supply deal with Snap for upcoming smart glasses.

NodeGuardian

2026-04-21 21:41:37

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BNP Paribas downgraded QUALCOMM (QCOM) to Neutral from Outperform and slashed its price target to $120 from $180, citing “no end in sight for smartphone woes” and persistent pressure from memory pricing. The firm expects these factors to continue negatively impacting Qualcomm’s volumes in the short to medium term. Despite this, Qualcomm has recently partnered with Snap Inc.'s smart glasses unit for chip supply for upcoming devices.

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BNP Paribas Cuts QUALCOMM (QCOM) Target on Ongoing Smartphone Weakness

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