Qualcomm price target raised to $185 from $170 at JPMorgan

JPMorgan raised the firm’s price target on Qualcomm to $185 from $170 and keeps an Overweight rating on the shares. The company’s fiscal Q2 report was largely in line with expectations with revenues tracking toward the mid-point of prior guidance, the analyst tells investors in a research note. However, the firm says Qualcomm’s guidance for limited seasonal decline into fiscal Q3, helped by seasonal but robust demand trends in Android Smartphone, as well as robust ramps in internet of things and autos, are helping set up a more positive revenue outlook relative to expectations heading into the quarter.