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Qualcomm price target lowered to $210 from $230 at JPMorgan
JPMorgan lowered the firm's price target on Qualcomm (QCOM) to $210 from $230 and keeps an Overweight rating on the shares. The firm says the upcoming year is likely to be key for Qualcomm with the likelihood of displacement of revenue from Apple's (AAPL) in-sourcing of the modem increasing. While the growth opportunities for Qualcomm "remain substantial," investors will look for a clearer understanding of earnings power incorporating headwinds from the loss of Apple revenue, which might lead to an overhang on the stock, the analyst tells investors in a research note. JPMorgan believes there are still multiple reasons to like Qualcomm shares from a longer-term position.