Qualcomm Initiation, IAC Downgrade Among Today's Top Calls On Wall Street

UNFOLDING 5G SECULAR CYCLE: Baird analyst Tristan Gerra initiated coverage of Qualcomm (QCOM) with an Outperform rating and $200 price target. The analyst identified the company as being "at the center of the unfolding 5G secular cycle." Furthermore, Huawei's issues will benefit Qualcomm's China market share next year.

MOVING TO THE SIDELINES: BMO Capital analyst Daniel Salmon downgraded IAC (IAC) to Market Perform from Outperform with a price target of $175, up from $165. The analyst cited valuation for the downgrade following the stock's recent outperformance. Confirmation of an initial public offering for Vimeo was expected and the shares now better embed Vimeo's "attractive investor profile," Salmon told investors in a research note.

TAILWINDS REFLECTED IN STOCK PRICE: BMO Capital analyst Daniel Salmon downgraded FuboTV (FUBO) to Market Perform from Outperform with a price target of $50, up from $33. The analyst cited valuation for the downgrade following the stock's recent outperformance. Salmon increased the price target to reflect higher streaming comp valuations and FuboTV's expanded distribution opportunities, which add "upside tension" to subscriber estimates. However, the "secular tailwinds" facing the company and its recent execution are now reflected in the stock price, the analyst told investors in a research note.

SHARES PRICED FAIRLY: Northland analyst Nehal Chokshi downgraded Qualys (QLYS) to Market Perform from Outperform with an unchanged price target of $120. While he sees vulnerability management as one of several areas that will benefit from the Sunburst hack, and expects the nature of the hack will highlight the significant benefits of Qualys' Vulnerability Management, Detection & Response, or VDMR, offering, Chokshi notes that shares are up 33% since the Sunburst hack has come to light. Given the recent advance, the analyst now believes Qualys' share price fairly reflects his above-consensus view.

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