Qualcomm Stock Drops 2% as QCOM Plans Double-Digit Chip Price Hikes Starting September

QCOM-2.42%
According to Bloomberg, Qualcomm informed clients on Friday that it will increase component prices by double-digit percentages starting late September, citing unavoidable cost pressures across its global supply network. The San Diego-based semiconductor firm stated it has exhausted its ability to absorb escalating supplier costs and could not find sufficient alternative vendors. QCOM stock dropped about 2% on Friday and is on track to end its second consecutive week in the red. Analysts have a 12-month price target of $221.23, representing a near 32% upside from Thursday's close.
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