Rosenblatt Lowers Qualcomm Price Target to $190

Rosenblatt analyst Kevin E.

Cassidy lowered the price target on Qualcomm (NASDAQ: QCOM) to $190.00 (from $225.00) while maintaining a Buy rating.

“China handset OEMs’ build forecast has Qualcomm guiding 2QF26 down to $6B. This would be the lowest quarterly handset revenue for Qualcomm in 10 quarters.

The issue is availability and price increases of DRAM. We are modeling the June quarter handset revenue down with seasonality.

Meanwhile, Automotive revenue reached record highs and IoT’s positive momentum continued.

In our view, premium and high tier handsets will get DRAM delivery priority, which could return Qualcomm’s handset revenue to seasonal trends though from the lower base.

We are lowering our estimates and reducing our 12-month price target from $225 to $190.”

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