Qualcomm Shares Are Trading Lower Tuesday: What's Going On?
Qualcomm Shares Are Trading Lower Tuesday: What's Going On?
Qualcomm Inc. (NASDAQ:QCOM) shares are trading lower Tuesday following a downgrade from KeyBanc.
高通公司(纳斯达克:QCOM)股票周二交易走低,因KeyBanc的调低评级。
What To Know: KeyBanc analyst John Vinh downgraded Qualcomm from Overweight to Sector Weight on Tuesday, citing headwinds primarily from Apple Inc.'s (NASDAQ:AAPL) gradual shift to its own internal modem.
何时关注:KeyBanc的分析师John Vinh在周二将高通从超重调低至板块权重,原因是主要受到苹果公司(纳斯达克:AAPL)逐渐转向自家内部调制解调器所带来的阻力。
"Our supply chain work has confirmed that Apple will begin to ramp its internal modem in stages over the next several years," Vinh said in the note.
“我们的供应链工作确认,苹果将在未来几年逐步推进内部调制解调器。” Vinh 在备忘录中表示。
The KeyBanc analyst expects this transition to increasingly affect Qualcomm's earnings over the coming years, with an estimated earnings impact of $1.55 to $1.65 per share as Apple moves away from using Qualcomm's modems. Vinh noted that this shift could create an overhang for Qualcomm's stock until the full financial impact is reflected in its earnings.
KeyBanc的分析师预计,随着苹果不再采用高通调制解调器,这一转变将在未来几年越来越影响高通的收益,预计每股收益将受到1.55至1.65美元的影响。Vinh指出,这一转变可能导致高通股票面临抛压,直到其收益中反映出全面的财务影响。
Vinh also highlighted that Qualcomm is likely to face intensified competition from Mediatek in the mid-to-low-end smartphone market. He pointed out that increasing price competition in the segment could lead to a loss of market share, further compounding the challenges posed by Apple's modem transition.
Vinh还强调,高通在中低端智能手机市场可能面临来自联发科的更激烈竞争。他指出,该领域不断升级的价格竞争可能导致市场份额下降,进一步加剧苹果调制解调器转变带来的挑战。
The analyst expects these competitive pressures to serve as a significant headwind for Qualcomm in the first half of 2025. KeyBanc has lowered its estimates accordingly.
分析师预计这些竞争压力将成为高通2025年上半年的重要阻力。KeyBanc相应调低了其估值。
Furthermore, Vinh noted that Qualcomm's positioning as an edge AI player has not materialized in key markets like handsets and PCs.
此外,Vinh指出高通作为边缘人工智能玩家的定位在像手机和PC这样的关键市场尚未显现。
"We don't foresee QCOM benefitting from a replacement cycle fundamentally or being given a market premium as an edge AI beneficiary until that happens," Vinh said.
“在那之前,我们不认为高通会从一个基本的更换周期或作为边缘人工智能受益者而获得市场溢价。”Vinh说。
KeyBanc has a fair value price of $167 on Qualcomm shares, based on a 15-times multiple on full-year 2025 earnings estimates of $10.89 per share.
KeyBanc认为高通股票的公平价值为167美元,基于2025年全年每股10.89美元的收益估值的15倍。
QCOM Price Action: Qualcomm shares were down 0.84% at $165.57 at the time of writing Tuesday, according to Benzinga Pro.
高通股价走势:根据Benzinga Pro的数据,周二写作时,高通股价下跌0.84%至165.57美元。
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Image: Shutterstock.
图片:shutterstock。