Cowen and Company is lowering its price target on Outperform-rated Qualcomm (Nasdaq: QCOM) from $72 to $69 following Q3 results issued Wednesday night.

On the results, Analyst Tim Arcuri commented, While QCT we believe has found a bottom, QTL collections continue to lag given mix and drawn out negotiations. While we felt already sufficiently conservative, we are forced to cut QTL numbers yet again. Considering the size of the TDRS trim, the holdouts are probably larger OEM's which should make negotiations more straightforward (the new ZTE license is encouraging) and we have seen deals reached with catch up payments in the past. We think that a similar result with catch-up payments is a strong possibility which would make 2016 QTL guidance look very conservative.

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