Qualcomm initiated with a Neutral at Goldman Sachs

Goldman Sachs analyst James Schneider initiated coverage of Qualcomm (QCOM) with a Neutral rating and $135 price target which offers 4% upside. The company is working to diversify its revenue stream by leveraging its intellectual proper to serve adjacent markets including automotive, PCs and datacenters, the analyst tells investors in a research note. Goldman believes Qualcomm’s diversification efforts will be partly offset by share loss at key smartphone customer accounts like Apple. The share losses will be a headwind to Qualcomm’s fundamentals, contends the firm.