4 big analyst cuts: Qualcomm slashed on 'soft commentary' and 2024 headwinds
Here is your Pro Recap of the biggest analyst cuts you may have missed since yesterday: downgrades at Qualcomm, Roku, Cambium Networks, and Southwest Airlines.
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Deutsche Bank downgraded Qualcomm (NASDAQ:QCOM) to Hold from Buy and cut its price target to $120.00 from $130.00 following Q3 earnings.
Deutsche cut its rating based on «management's soft commentary around its Dec qtr and incremental headwinds in 2024.»
While Qualcomm met Deutsche's estimates, its mixed results saw revenue fall short of overall consensus estimates amid a softer smartphone demand — and Q4 guidance missed as well, impacted by the macroeconomic headwinds, weaker global handset units, and channel inventory drawdown.
Deutsche added:
While we continue to believe the cyclical snapback is a matter of when not if,… the duration of the headwinds QCOM continues to face in its Handset segment is leading to rising structural rather than just cyclical questions (i.e. mix, pricing, post-5G lull, etc.).
Shares were recently down 12% to $117.30 in the premarket.
Citi downgraded Roku (NASDAQ:ROKU) to Neutral from Buy with a price target of $100.00 (from $75.00), as reported in real time on InvestingPro.
The bank suggests that there is a possibility for Roku's revenues to reaccelerate in 2024. However, due to the significant rise in the company's shares year-to-date, they believe that this potential growth is already factored into the stock price.
Cambium Networks (NASDAQ:CMBM) shares fell more than 4% premarket today after JPMorgan downgraded the company to Underweight from Neutral and cut its price target to $12.00 from $17.00.
Shares plunged more than 30% yesterday after
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