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Qualcomm Shares Are Trading Lower Tuesday: What's Going On?

Qualcomm Shares Are Trading Lower Tuesday: What's Going On?

高通股價週二下跌:出了什麼問題?
Benzinga ·  10/08 15:42

Qualcomm Inc. (NASDAQ:QCOM) shares are trading lower Tuesday following a downgrade from KeyBanc.

高通公司(納斯達克:QCOM)股票週二交易走低,因KeyBanc的調低評級。

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.

何時關注:KeyBanc的分析師John Vinh在週二將高通從超重調低至板塊權重,原因是主要受到蘋果公司(納斯達克:AAPL)逐漸轉向自家內部調制解調器所帶來的阻力。

"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.

「我們的供應鏈工作確認,蘋果將在未來幾年逐步推進內部調制解調器。」 Vinh 在備忘錄中表示。

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的分析師預計,隨着蘋果不再採用高通調制解調器,這一轉變將在未來幾年越來越影響高通的收益,預計每股收益將受到1.55至1.65美元的影響。Vinh指出,這一轉變可能導致高通股票面臨拋壓,直到其收益中反映出全面的財務影響。

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還強調,高通在中低端智能手機市場可能面臨來自聯發科的更激烈競爭。他指出,該領域不斷升級的價格競爭可能導致市場份額下降,進一步加劇蘋果調制解調器轉變帶來的挑戰。

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.

分析師預計這些競爭壓力將成爲高通2025年上半年的重要阻力。KeyBanc相應調低了其估值。

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指出高通作爲邊緣人工智能玩家的定位在像手機和PC這樣的關鍵市場尚未顯現。

"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,我們不認爲高通會從一個基本的更換週期或作爲邊緣人工智能受益者而獲得市場溢價。」Vinh說。

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認爲高通股票的公平價值爲167美元,基於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.

高通股價走勢:根據Benzinga Pro的數據,週二寫作時,高通股價下跌0.84%至165.57美元。

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