Qualcomm Shares Are Trading Lower Tuesday: What's Going On?
Qualcomm Shares Are Trading Lower Tuesday: What's Going On?
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.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，因爲KeyBanc的降級。
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.
了解什麼：KeyBanc分析師John Vinh在週二將高通從超配調整到板塊權重，原因是主要來自蘋果公司（納斯達克：AAPL）逐漸轉向使用自己的內部調制解調器。
"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.
「我們的供應鏈工作證實，蘋果將在未來幾年內逐步推出自己的內部調制解調器，」 Vinh在備忘錄中說道。
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分析師預計這一轉變將在未來幾年逐漸影響到高通的盈利，估計每股盈利將受到1.55至1.65美元的影響，因爲蘋果放棄使用高通的調制解調器。Vinh指出，這種轉變可能會在高通的股票上形成一種陰影，直到其盈利中完全反映出財務影響。
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，高通可能會在中低端智能手機市場面臨來自聯發科的激烈競爭。他指出，該細分市場的價格競爭加劇可能會導致市場份額的流失，進而加劇蘋果調制解調器轉變所帶來的挑戰。
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年上半年的一大阻力。KeyBanc相應地調低了其估值。
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尚未在手機和個人電腦等關鍵市場中體現出來。
"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.
「在這之前，我們不預見高通從一個基本上替換循環中獲益，或者以一個邊緣人工智能受益者的市場溢價，直到這一點發生，」 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認爲高通股票的公允價值爲167美元，基於2025年全年每股盈利預估的15倍倍數10.89美元。
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，寫作時週二高通股價下跌0.84%，報165.57美元。
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Image: Shutterstock.
圖片：shutterstock。
譯文內容由第三人軟體翻譯。