Qualcomm stock got downgraded Morgan Stanley analysts, sending the shares lower on Monday.
Morgan Stanley analysts reduced their rating on the semiconductor company to equal weight from overweight, while indicating that the stock's valuation gap relative to its industry peers has closed following recent gains. Morgan Stanley analyst James Faucette said the stock should now "perform more in-line with peers" given its balanced risk/reward profile. He hiked his price target on the stock to $90 from $89.
Faucette suggested that Qualcomm shares’ momentum in recent months amid tariff uncertainties coupled with an antitrust lawsuit by the Federal Trade Commission currently being appealed by Qualcomm would mean that potential positive opportunities will likely take longer to have a substantial effect on results.