Qualcomm Gets Citi Upgrade, Stock In Green Pre-Market; Nvidia, AMD, Intel Trade In Red
Portfolio Pulse from Surbhi Jain
Qualcomm Inc (QCOM) shares are trading higher pre-market on Jan. 12 after Citigroup upgraded the stock from Neutral to Buy, raising the target price to $160 from $110. The upgrade is based on expectations of a handset market recovery, which could benefit Qualcomm's revenue and margins. Qualcomm's recent performance shows a 29.94% rise in the past three months and a technical 'golden cross' in December 2023. Qualcomm is set to release its Q1 earnings report on Jan. 31. Meanwhile, peers NVIDIA (NVDA), AMD (AMD), and Intel (INTC) traded lower.
January 12, 2024 | 3:28 pm
News sentiment analysis
Sort by:
Ascending
NEGATIVE IMPACT
Advanced Micro Devices Inc (AMD) traded lower pre-market concurrently with Qualcomm's upgrade by Citigroup.
AMD's pre-market decline may be influenced by the positive news for Qualcomm, as it could shift investor focus and funds towards Qualcomm. The short-term impact on AMD's stock price could be negative, but it is likely to be minor unless further developments arise.
CONFIDENCE 70
IMPORTANCE 60
RELEVANCE 50
NEGATIVE IMPACT
Intel Corp (INTC) also traded in the red pre-market while Qualcomm received an upgrade from Citigroup.
Intel's pre-market trading in the red could be a response to Qualcomm's positive news, potentially causing a temporary shift in investor sentiment away from Intel. The impact is expected to be short-term and may not significantly affect Intel's stock price without additional news.
CONFIDENCE 70
IMPORTANCE 60
RELEVANCE 50
NEGATIVE IMPACT
NVIDIA Corp (NVDA) traded in the red pre-market on the same day Qualcomm was upgraded by Citigroup.
NVIDIA's pre-market dip could be a reaction to Qualcomm's upgrade, as investors may perceive Qualcomm's positive outlook as a competitive threat to NVIDIA. However, without specific negative news for NVIDIA, the impact is likely to be short-lived and moderate.
CONFIDENCE 70
IMPORTANCE 60
RELEVANCE 50
POSITIVE IMPACT
Qualcomm upgraded by Citigroup from Neutral to Buy with a new target price of $160, indicating a positive outlook on the company's future performance.
The upgrade by Citigroup is a strong positive signal for Qualcomm, suggesting improved future performance and market confidence. The raised target price and the anticipation of a handset market recovery could lead to increased investor interest and a potential rise in stock price in the short term.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100