QCOM - Apple's in-house modem plans don't change positive Qualcomm thesis says Canaccord bull

Late yesterday, news broke that Apple (AAPL) has started building an in-house cellular that would eventually replace Qualcomm's (QCOM) products in Apple devices.Cellular modems are the part of a smartphone that connects to cellular networks to make phone calls and internet connections possible.Qualcomm gets about 11% of its overall revenue from Apple.Canaccord Genuity analyst T. Michael Walkley shrugs off the report,, saying the move was expected after Apple paid $1B for Intel's modem business last year.Walkley still sees Qualcomm as well-positioned with a leadership position in the 5G market, and the Apple efforts don't change the firm's positive thesis on QCOM.Canaccord maintains a Buy rating and $175 price target on Qualcomm.Qualcomm shares are down 3.9% to $149.76.Previously: Qualcomm restates and replaces $4.47B credit line (Dec. 11 2020)Previously: Intel +6% on Apple's $1B purchase, raised FY view (Jul. 25 2019)

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Apple's in-house modem plans don't change positive Qualcomm thesis, says Canaccord bull