Qualcomm Inc. (NASDAQ: QCOM) shares fell nearly 5% after Mizuho downgraded the stock from Outperform to Neutral, with a price target of $175. Analyst Vijay Rakesh cited headwinds in Qualcomm’s handset business, potentially losing Apple Inc. (NASDAQ: AAPL) modem share in 2026 and 2027.

While Qualcomm’s non-handset businesses are growing, Mizuho believes the growth won’t fully offset handset and Apple-related losses. Qualcomm’s chart shows vulnerability, with momentum indicators turning bearish. Support at $160 is crucial, and upcoming earnings will be a key inflection point for the stock’s direction.

Despite the downgrade, Qualcomm’s fundamentals show promise, beating earnings estimates consistently. All eyes are now on the upcoming earnings report in early February to gauge the stock’s performance. The next move for Qualcomm could determine its long-term trajectory in the market.

Read more at Nasdaq: Qualcomm: Wall Street’s Patience Is Wearing Thin