Qualcomm price target raised to $129 from $125 at Morgan Stanley

Morgan Stanley raised the firm’s price target on Qualcomm to $129 from $125 and keeps an Overweight rating on the shares. For a quarter that was “not far from expectations, this was a sobering call,” with the company calling for continued expense reduction and “clearly indicating that we have not emerged from challenging handset conditions,” the analyst tells investors. While the firm believes smartphone suppliers are undershipping demand, it adds that it doesn’t see imminent catalysts for the stock given the recent appreciation.