UBS lowered the firm’s price target on Qualcomm (QCOM) to $165 from $175 and keeps a Neutral rating on the shares. December quarter results are expected to align with Street estimates, with slight upside from a production shift toward iPhone 17 Pro models using Qualcomm modems, the analyst tells investors in a research note. While smartphone demand trends remain healthy, the March quarter could face headwinds as Samsung (SSNLF) increases Exynos chip use in the Galaxy S26 lineup, though Intel’s (INTC) positive PC commentary supports a constructive view on Qualcomm’s IoT segment, UBS adds.
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