Qualcomm Inc (NASDAQ:QCOM) shares spiked on Thursday, after the company reported upbeat fiscal second-quarter (Q2) results.
Here are the key analyst insights:
- JPMorgan analyst Samik Chatterjee maintained a Neutral rating, while raising the price target from $140 to $160.
- Rosenblatt Securities analyst Kevin Cassidy reiterated a Buy rating and price target of $190.
Check out other analyst stock ratings.
JPMorgan: Qualcomm delivered a modest earnings beat in the quarter. However, headwinds in the smartphone industry stem from expectations of “under-shipping relative to end customer demand,” Chatterjee said.
Chinese OEMs (original equipment manufacturers) continue to consume inventory.
The analyst stated that, despite these headwinds in the smartphone industry, the positive takes from the print include:
- Increased visibility into Handset QCT revenues, with management indicating that revenues from Chinese OEMs could bottom in the fiscal third quarter …