Qualcomm Drops 3.87% as TD Cowen Cuts Target Price

On April 10, 2025, Qualcomm's stock experienced a notable decline, dropping by 3.87% in pre-market trading.

TD Cowen has lowered its target price for Qualcomm from $195 to $160, reflecting a more cautious outlook on the company's future performance. This adjustment comes amidst a broader trend of target price reductions for several semiconductor stocks, indicating a shift in investor sentiment towards the sector.

Three Samsung's semiconductor manufacturing division has recently delivered chip prototypes to Qualcomm, potentially securing orders for advanced 3nm process technology. This development could significantly boost Samsung's semiconductor business, which has struggled with high investments in advanced logic nodes without sufficient large-scale orders. Securing Qualcomm's orders, combined with strong performance in mature process nodes, could improve Samsung's financial outlook for the year.

The global semiconductor foundry market is highly competitive, with Taiwan Semiconductor Manufacturing Company (TSMC) leading the way through successful implementations of multiple advanced process technologies. Intel's foundry services, particularly the Intel 18A process, also pose a strong competitive threat. Additionally, rumors of potential mergers between two established process technology companies could further intensify market competition.