JPMorgan analyst Samik Chatterjee raised the price target on Qualcomm (NASDAQ: QCOM) to $160.00 (from $140.00) while maintaining a Neutral rating.

The analyst comments "We rate shares of Qualcomm Neutral as the long-term diversification beyond smartphones, which was expected to be a key driver of multiple re-rating continues to be slow, all while the largest end-market exposure - Handsets - is facing macro pressures from rising memory prices. In relation to the upcoming new leg of diversification - datacenter CPU and NPU opportunity, competitive intensity has significantly increased, making incremental execution proof points more critical to sustain investor confidence. That said, we continue to believe in Qualcomm’s technology leadership in power-efficient compute and its ability to extend that technology across new markets, but the sheer scale of the Handsets business is expected to keep the pace of diversification to be very modest - resulting in limited near-term catalysts for the stock to re-rate."