Qualcomm downgraded to Neutral from Overweight at JPMorgan

JPMorgan analyst Samik Chatterjee downgraded Qualcomm (QCOM) to Neutral from Overweight with a price target of $140, down from $185. JPMorgan also placed the shares on “negative catalyst watch.” It sees downside risk to Qualcomm’s near-term estimates due to concerns across its handset business. The firm expects a low double-digit decline in smartphone shipments in 2026. The analyst cites Qualcomm’s slow diversification progress and lack of near-term catalysts for the stock to rerate for the downgrade.