Morgan Stanley Downgrades Qualcomm to Equal-Weight, Raises Price Target to $132
Portfolio Pulse from Benzinga Newsdesk
Morgan Stanley analyst Joseph Moore has downgraded Qualcomm (NASDAQ:QCOM) from Overweight to Equal-Weight while raising the price target from $119 to $132.

December 08, 2023 | 9:50 am
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Qualcomm was downgraded by Morgan Stanley from Overweight to Equal-Weight, although the price target was raised from $119 to $132.
The downgrade to Equal-Weight suggests that Morgan Stanley believes Qualcomm is now fairly valued and may not outperform the market as it previously expected. However, the increase in the price target to $132 indicates an expectation of some positive price movement. The mixed signals could lead to a neutral short-term impact on the stock as the market digests both the downgrade and the raised price target.
CONFIDENCE 90
IMPORTANCE 75
RELEVANCE 100