Downgrade Alert for QUALCOMM (QCOM)
QUALCOMM (NASDAQ:QCOM) was downgraded from Outperform to Market Perform at Bernstein today. The stock closed yesterday at $53.57 on volume of 9.2 million shares, above average daily volume of 8.9 million.
QUALCOMM has overhead space with shares priced $53.57, or 15.8% below the average consensus analyst price target of $63.61. The stock should find initial support at its 200-day moving average (MA) of $52.93 and further support at its 50-day MA of $51.53.
QUALCOMM Incorporated develops and delivers digital wireless communications products andservices based on the Company's CDMA digital technology. The Company's businessareas include integrated CDMA chipsets and systems software, t echnology licensing, Eudora email software for Windows and Macintosh platforms, and satellite based systems including Omnitracs and Globalstar systems.
QUALCOMM share prices have moved between a 52-week high of $78.53 and a 52-week low of $42.24 and closed yesterday at 27% above that low price at $53.57 per share. The 200-day and 50-day moving averages have moved 0.51% lower and 0.03% higher over the past week, respectively.
SmarTrend recommended that subscribers consider buying shares of QUALCOMM on February 17th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $47.77. Since that recommendation, shares of QUALCOMM have risen 12.1%. We continue to monitor QCOM for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.
Keywords: analyst upgrades/downgrades Qualcomm