JPMorgan analyst Samik Chatterjee lowered the firm’s price target on Qualcomm to $148 from $159 and keeps an Overweight rating on the shares post the fiscal Q3 results. The timing of the company’s smartphone recovery is “derailed” by two primary drivers: Apple digesting inventory relative to chips for legacy models and Huawei’s transition to leveraging its in-house chips for 5G smartphones in fiscal 2024, the analyst tells investors in a research note. However, the firm continues to view Qualcomm shares as inexpensive.
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- Qualcomm Shares (NASDAQ:QCOM) Plunge: Q3 Results Stir Concern
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