Citigroup placed Qualcomm on a 30-day downside catalyst watch. The firm cites risks from significant smartphone shipment cuts by major customers.
Xiaomi reportedly reduced its 2026 shipment forecast by as much as 30%. Competitors Oppo and Vivo also lowered their shipment estimates.
Citi maintained a Neutral rating on Qualcomm stock. The firm kept its price target at $198.
Qualcomm serves as a primary chip supplier for these smartphone manufacturers. Reduced shipment forecasts may directly impact the company's near-term revenue and earnings.