Topeka Capital maintained a Hold rating on Qualcomm (NASDAQ: QCOM) and lowered its price target to $70.00 (from $75.00). The change follows Q1 results and FY guidance, which misses consensus.

"QCOM reported FY1Q15 (Dec.) revenue above consensus but guided FY15 revenue and EPS below consensus reflecting increasing China competition, content loss at a flagship application processor customer and unfavorable chipset mix shift. While QCOM signed a wayward China licensee this quarter, the Company provided no update on the on-going China investigation and continues to see other China licensees continue to underreport," said analyst Suji Desilva.

"While chipset units grew nicely in the quarter, we believe blended pricing is coming under pressure as well. We have lowered our FY15 forecast to reflect the increased uncertainty inherent in the above discussed issues. Accordingly, we are lowering our price target and maintain our Hold rating," he added.

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Shares of Qualcomm closed at $70.99 yesterday.