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Qualcomm stock downgraded ahead of Apple’s first custom modem
- Qualcomm stock was downgraded by KeyBanc analyst over concerns that Apple will create its own modem.
- Reports suggest that Apple is looking to develop its internal modem.
- This could be a problem for Qualcomm, as revenue from Apple comprised a significant portion of its consolidated revenue.
- The downgrade is expected to have a negative impact of $1.55-$1.65 EPS on Qualcomm's earnings.
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