JPMorgan Remains Bullish on This Chipmaker Despite Slashing Price Target by 15 Percent—Read Why

Signs of Qualcomm and 5G at Mobile World Congress (MWC) in Shanghai, China, on June 28, 2019. Aly Song/Reuters

JPMorgan analyst Samik Chatterjee lowered the price target on Qualcomm Inc to $205 from $240 (39.5 percent upside) and kept an Overweight rating on the shares.

The analyst moderated earnings estimates for Qualcomm, primarily led by a change to his QTL revenue estimates and slight moderation in both QCT revenue and margins.