TD Cowen Lowers Qualcomm Price Target to $150

TD Cowen analyst Joshua Buchalter lowered the price target on Qualcomm (NASDAQ: QCOM) to $150.00 (from $190.00).

“Memory Not Serving Smartphones Well; Disappointing guidance—albeit driven by factors beyond the company’s control— weighs on investor sentiment as Qualcomm’s diversification efforts remain too early days to materially dampen the impact of memory shortages on the handset market.

Samsung share comments a positive, and Autos a bright spot, but hard to avoid the QTL/QCT double-whammy if handset units are impaired. Buy, PT to $150.”

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