Qualcomm price target lowered to $150 from $180 at RBC Capital

RBC Capital analyst Srini Pajjuri lowered the firm’s price target on Qualcomm (QCOM) to $150 from $180 and keeps a Sector Perform rating on the shares. The company reported a decent quarter but its Q2 outlook fell short as Memory tightness appears to be impacting smartphone builds, even though other segments are faring well with particular strength in Auto, the analyst tells investors in a research note. RBC adds it expects subdued topline growth due to the impact from higher Memory prices and ongoing share shifts at Apple and Samsung.