Qualcomm price target lowered to $119 from $129 at Morgan Stanley

Morgan Stanley lowered the firm’s price target on Qualcomm to $119 from $129 and keeps an Overweight rating on the shares. Qualcomm guided above expectations for the December quarter after reporting above the high end of the range for September and calendar 2024 commentary “seemed positive on the market,” the analyst tells investors in a post-earnings note. However, the firm says the offset is the material share loss within Samsung in 2024 that “keeps earnings growth muted” and is trimming estimates on the Samsung headwind.