The company outside exposure is not big enough to keep the stock afloat.
Qualcomm will be among the chip stocks struggling in the new year due to its exposure to smartphone sales, Wells Fargo warned Monday. Analyst Gary Mobley downgraded the stock to underweight from equal weight. Mobley also maintained his price target to $105, which implies a downside of 11.8% over Friday's close.
Mobley said Qualcomm and other companies that have performance tied to smartphone demand will struggle, as the number of smartphones is likely to decline in 2023 and then grow modestly after. A flattening of 5G penetration will also hamper these chip names. Smartphones are considered a big-ticket purchase that consumers may be more likely to skip or think more thoughtfully about as inflation pinches pocketbooks.
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