4 big analyst cuts: Qualcomm slashed on 'soft commentary' and 2024 headwinds By

Here is The best domestic foreign exchange platformyour Pro Recap of the biggest analyst cuts you may have missed since yesterday: downgrades at Qualcomm, Roku, Cambium Networks, and Southwest Airlines.

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Qualcomm downgraded following Q3 earnings

Deutsche Bank downgraded Qualcomm (NASDAQ:) to Hold from Buy and cut its price target to $120.00 from $130.00 following Q3 earnings.

Deutsche cut its rating based on "management's soft commentary around its Dec qtr and incremental headwinds in 2024."

While Qualcomm met Deutsche's estimates, its mixed saw revenue fall short of overall consensus estimates amid a softer smartphone demand - and Q4 guidance missed as well, impacted by the macroeconomic headwinds, weaker global handset units, and channel inventory drawdown.

Deutsche added:

While we continue to believe the cyclical snapback is a matter of when not if,... the duration of the headwinds QCOM continues to face in its Handset segment is leading to rising structural rather than just cyclical questions (i.e. mix, pricing, post-5G lull, etc.).

Shares were recently down 12% to $117.30 in the premarket.

Roku cut to Neutral

Citi downgraded (NASDAQ:) to Neutral from Buy with a price target of $100.00 (from $75.00), as reported in real time on InvestingPro.

The bank suggests that there is a possibility for Roku's revenues to reaccelerate in 2024. However, due to the significant rise in the company's shares year-to-date, they believe that this potential growth is already factored into the stock price.

2 more downgrades

Cambium Networks(NASDAQ:) shares fell more than 4% premarket today after JPMorgan downgraded the company to Underweight from Neutral and cut its price target to $12.00 from $17.00.

Shares plunged more than 30% yesterday after the company worse-than-expected Q2 results.

We are downgrading shares of CMBM to Underweight following another hiccup in relation to getting back to a normalized growth backdrop with the last few years comprising supply headwind led growth challenges, followed by demand headwinds for the PMP and PTP product portfolio, and now is running into Enterprise channel headwinds.

Jefferies downgraded Southwest Airlines(NYSE:) to Underperform from Hold and cut its price target to $25.00 from $40.00. Shares fell more than 3% premarket today.

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