Barclays Sets $130 Underweight Target on Qualcomm and $625 on Seagate
Barclays reinstated Qualcomm at Underweight with a $130 price target and upgraded Seagate to Overweight with a $625 target. Consumer sentiment fell to a record-low 47.6 in April while equities trade near record highs on resilient earnings.
1. Market Sentiment Divergence
Consumer sentiment fell to 47.6 in April, its lowest level on record, even as equity markets trade near all-time highs driven by resilient corporate earnings and continued AI-related investment.
2. Qualcomm Underweight Rating
Barclays analyst reinstated Qualcomm coverage with an Underweight rating and a $130 price target, citing challenges in the handset segment and slowing semiconductor demand.
3. Seagate Overweight Upgrade
Barclays raised Seagate to Overweight from Equal Weight and boosted its price target from $425 to $625, reflecting expectations of sustained HDD demand for AI and data center applications.