Qualcomm price target lowered to $175 from $190 at Piper Sandler

Piper Sandler analyst Harsh Kumar lowered the firm’s price target on Qualcomm (QCOM) to $175 from $190 and keeps an Overweight rating on the shares. The firm notes the company reported June quarter results which were slightly above expectations with guidance that was largely in-line with estimates into the print. Overall, Qualcomm has executed well on its diversification plan and looks to be well-positioned for future growth in key areas such as auto and IoT, says Piper.