Qualcomm price target raised to $140 from $135 at JPMorgan

JPMorgan analyst Samik Chatterjee raised the firm’s price target on Qualcomm to $140 from $135 and keeps an Overweight rating on the shares post the fiscal Q4 report. The analyst says Qualcomm “finally reported an end to the downward spiral” the smartphone market has been in over the last year, with an end to the inventory digestion headwinds setting up the company to better represent its content growth and market share gains going forward. Despite reporting only modestly better Q4 results, which were still impacted by inventory headwinds, Qualcomm guided to materially better Q1, helped in part by inventory refill by the Android supply chain as well as a stabilization of the underlying volumes for the industry, the analyst tells investors in a research note.