NEW YORK (TheStreet) -- Shares of Qualcomm Inc. (QCOM) are down -1.04% to $79.59 after Goldman Sachs (GS) removed the chip company from its "conviction buy" list and trimmed its revenue and near term earnings estimates for the June and September quarters, citing lower handset demand ahead of the Apple (AAPL) iPhone 6 launch.
For the June quarter, Goldman expects earnings per share of $1.23, down from $1.24, and revenue of $6.42 billion versus $6.53 billion.
For the September quarter, the firm lowered earnings per share to $1.35 from $1.39, and expects revenue of $7.04 billion versus $7.15 billion.
Goldman Sachs maintained its "buy" rating on Qualcomm and its $95 price target.
TheStreet Ratings team rates QUALCOMM INC as a Buy with a ratings score of A+. TheStreet Ratings Team has this to say about their recommendation:
"We rate QUALCOMM INC (QCOM) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its revenue growth, largely solid financial position with reasonable debt levels by most measures, notable return on equity, solid stock price performance and growth in earnings per share. We feel these strengths outweigh the fact that the company shows weak operating cash flow."