Qualcomm (QCOM.US) Earnings Preview: Rising Memory Chip Prices May Deal a Heavy Blow to the Smartphone Market; Bernstein Cuts Price Target to $155

Zhitong Finance APP has learned that Wall Street research firm Bernstein released a research report on Monday pointing out that as rising memory chip prices continue to hit the smartphone market, Qualcomm's (QCOM.US) short-term performance outlook is facing increasing pressure. Although the company is actively expanding into automotive, IoT, and data center businesses, smartphone chips remain its main source of revenue. Bernstein is concerned that the smartphone market may repeat the recent sharp decline in demand seen in the personal computer (PC) market, and therefore lowered Qualcomm's future performance expectations, cut its target price from $165 to $155, and maintained a "Market Perform" rating.