Barclays lowered the price target to $80 from $85 for the American global semiconductor company and maintained its "overweight" rating.
The firm said that results and guidance were below Street estimates, and uncertainty on China royalty collections continues. Barclays said to expect clarity in two weeks at the company's analyst day.
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"What went wrong this quarter could fill more than this page, but at the end of the day, the company expects collection issues to ease to some degree next year and in the meantime, the company holds roughly 1/4th its value in cash, continues to buy back stock at a good clip, and with the analyst day coming in 2 weeks we expect better clarity on its market assumptions and capital allocation plans," said Barclays U.S. Semiconductors analyst Blayne Curtis.
Sterne Agee set a price target of $82 for Qualcomm, and lowered annual EPS estimates to $5.24 from $5.96 for fiscal 2015.
The firm said it reiterated its "buy" rating of the company given challenges in China and Europe.
Separately, 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: