Stifel lowered its price target on Qualcomm (NASDAQ: QCOM) to $68.00 (from $82.00) while maintaining a Hold rating.

Analyst Kevin Cassidy said Broadcom's lower offer of $79/share may concern QCOM shareholders and motivate a vote for Broadcom board nominees.

"Based on unscientific conversations we have had with QCOM shareholders, shareholders are not convinced that Qualcomm can earn $6.75 - $7.50 in FY19," he commented.