Mizuho Slashes Qualcomm Price Target - Read Why - Qualcomm (NASDAQ:QCOM)

Mizuho analyst Vijay Rakesh lowered the price target on Qualcomm Inc QCOM to $185 from $210 (35.1% upside) and kept a Buy rating.
The first half of 2022 brings "multiple headwinds" to China handset manufacturers from weaker 5G demand, extended COVID lockdowns, and a more competitive Apple Inc AAPL iPhone.
The headwinds are driving potentially increased radio frequency inventory and weaker 5G SoC demand.
Rakesh also cut the price target on Qorvo Inc QRVO to $135 from $155 (19.1% upside), Skyworks Solutions Inc SWKS to $175 from $210 (48.7% upside), and Synaptics Inc SYNA to $250 from $290 (63.6% upside).
He saw negative investor sentiment, especially with Shanghai, the most significant manufacturing hub in China for handsets/PC/autos, in lockdown with logistics constraints.
Other headwinds included the Ukraine crisis, rising inflation, interest rates, and supply chain crisis.
Price Action: QCOM shares traded lower by 1.44% at $134.49 in the premarket on the last check Monday.

Mizuho Slashes Qualcomm Price Target - Read Why