Qualcomm price target lowered to $185 from $195 at JPMorgan

JPMorgan analyst Samik Chatterjee lowered the firm’s price target on Qualcomm (QCOM) to $185 from $195 and keeps an Overweight rating on the shares post the fiscal Q1 report. The firm says management called out headwinds facing the broader smartphone industry as memory manufacturers are increasingly shifting capacity towards high bandwidth memory, resulting in constrained DRAM availability. It reduced estimates post the earnings print.