Oppenheimer Cuts Price Target on Qualcomm (QCOM) Following 3Q15 Results

Oppenheimer reiterated an Outperform rating on Qualcomm (NASDAQ: QCOM), and cut the price target to $70.00 (from $75.00), following 3Q15. QCOM reported Sales of $5.83B and EPS of $0.99 vs. Street expectations of $5.85B and $0.95 respectively. Analyst Ittai Kidron said that from a fundamental standpoint there is reason to be cautious.

Kidron commented, "Qualcomm reported an okay 3Q-FY15, but provided a disappointing view into how deep its QCT challenges are. From a fundamental standpoint there's reason to be cautious as the maturing smartphone market, Apple/Samsung concentration issues, and China/ASP/mix volatility are the new, ongoing reality. But we believe many of these challenges are already in the stock and the magnitude of the negative pressures (business and investor driven) have increased to a point where mgmt's laid out a real realignment plan. We're positive on the change and feel the new review process could reveal more areas for improvement. Maintain Outperform, lower PT to $70 from $75."

For an analyst ratings summary and ratings history on Qualcomm click here. For more ratings news on Qualcomm click here.

Shares of Qualcomm closed at $64.19 yesterday.

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