Benzinga | Nov 22, 2021 02:16PM EST

Qualcomm Separates Snapdragon Brand

Qualcomm Inc (NASDAQ:QCOM) has announced its plans to split the Qualcomm and Snapdragon brands. From now on, Snapdragon will be a "standalone product brand with specific ties to the Qualcomm brand where appropriate."

* "A new simplified and consistent naming structure for our platforms makes it easier for our customers to discover and choose devices powered by Snapdragon.

* Now Qualcomm's mobile platforms will transition to a single-digit series and generation number, aligning with other product categories starting with our newest flagship Snapdragon 8-series platform."

* Analyst rating: Raymond James removed Qualcomm from its "Analyst Current Favorites" list after the stock's 50% gain since early October.

* Raymond James, however, maintains a Strong Buy rating believing that the company is in the early phases of 5G-driven growth.

* In addition, Qualcomm's Apple Inc (NASDAQ:AAPL) business is now de-risked from estimates, and its expansion into non-handset businesses provides a path to "accelerating and diversified long-term growth."

* Price Action: QCOM shares traded lower by 0.55% at $183.99 on the last check Monday.