Cantor Fitzgerald analyst C.J. Muse lowered the price target on Qualcomm (NASDAQ: QCOM) to $200.00 (from $220.00) while maintaining a Neutral rating.

The analyst commented, "We look for QCOM to offer a beat for the June Q followed by a September Q guide modestly above consensus. While we do believe that the June Q will mark the relative bottom for China Android and that CY26 numbers are likely in the right spot (we see CY26 Handset revenues tracking -22% in CY26 to $21.9B vs cons $22.0B), we do think a modest number cut for CY27 is on the come (we see CY27 EPS trending towards $11.00 vs. cons $11.40). However, with focus squarely around the new DragonFly Data Center portfolio, we see a bias modestly higher for a name trading at just 16x our below-consensus CY27 EPS, and relatively negative investor positioning. We remain on the sidelines, and given the recent sell-off in broader semis, we are tempering our price target to $200 (reflecting ~18x expected earnings power of ~$11 in CY27)."