Qualcomm Inc (NASDAQ:QCOM) stock was last seen 1.1% lower to trade at $128.88, after receiving a downgrade at Bernstein to "market perform" from "outperform," in addition to a price-target cut to $140 from $175. The firm noted memory industry headwinds, with Alphabet (GOOGL) revealing a new AI model that may need less memory to run big language models.
The brokerage bunch was already bearish toward QCOM coming into today, with 20 of the 32 in coverage carrying "hold" or worse ratings. There's room for price-target cuts, though, as the security's 12-month consensus target price of $160.65 is still a 25.2% premium to current levels.
Qualcomm shares are trading around their lowest level since April, amid overhead pressure at the 20-day moving average. So far this year, the stock has shed over 24%.
Calls still outpace puts on an overall basis, but traders have been much more bearish than usual. This is per the security's 50-day put/call volume ratio at the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) that sits higher than 77% of annual readings.
