Qualcomm price target raised to $225 from $205 at KeyBanc

KeyBanc raised the firm’s price target on Qualcomm (QCOM) to $225 from $205 and keeps an Overweight rating on the shares. KeyBanc sees negative near-term implications including China Android smartphone demand getting weaker, as iPhone demand strengthens and gains share, and as customer component inventory is high, and as a result, the firm sees near-term risk to Handset estimates, the analyst tells investors in a research note. The firm also sees tailwinds at Samsung (SSNLF) and expects Qualcomm to regain 100% share on the GS25, which should add an incremental $1.6B in revenues generation-to-generation.