JPMorgan lowered the firm’s price target on Qualcomm (QCOM) to $195 from $210 and keeps an Overweight rating on the shares as part of a Q3 earnings preview. Qualcomm is challenged by the lack of recovery in the smartphone market, the analyst tells investors in a research note. HOwever, the firm says despite the softer end market outlook for the specific end-markets Qualcomm is involved in, it believes “conservative” near-term forecasts are less impacted.
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