On August 11, Qualcomm fell 3.04% in regular trading, trading at $162.76/share, with turnover of $1.131 billion. The decline comes as a wave of investment bank price target cuts continues to weigh on sentiment following weak quarterly results.

Daiwa Securities recently lowered its price target on Qualcomm from $225 to $180 while maintaining an Outperform rating. This follows earlier cuts from UBS (to $170), Mizuho (to $170), Wells Fargo (to $170), JPMorgan (to $215), Bank of America (to $180), Bernstein (to $165), and Evercore ISI (to $159). The company's fiscal Q3 net income fell 25% year-over-year, while Q4 guidance came in below expectations. Apple-related revenue decline is accelerating, and surging memory costs are creating persistent margin pressure. The CEO warned that the smartphone market will remain in a prolonged slump and that rising memory prices are altering consumer behavior.

The broader semiconductor sector traded lower on the same session, with Intel down 4.02%, NVIDIA down 2.82%, AMD down 2.44%, Broadcom down 1.27%, and Micron down 1.14%, amplifying the sector-wide headwinds.

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