Qualcomm: Bernstein cuts PT on Qualcomm due to tariff uncertainity

** Bernstein lowers PT on Qualcomm QCOM to $185 from $215; retains "outperform" rating ** Bernstein lowers PT on Qualcomm QCOM to $185 from $215; retains "outperform" rating ** Brokerage says tariff fears on smartphones despite current postponement has increased market uncertainty for co ** Brokerage says tariff fears on smartphones despite current postponement has increased market uncertainty for co ** QCOM has heavy smartphone exposure and about 45% of its revenue comes from Chinese-headquartered firms, leaving it at risk of Chinese retaliatory tariffs ** QCOM has heavy smartphone exposure and about 45% of its revenue comes from Chinese-headquartered firms, leaving it at risk of Chinese retaliatory tariffs ** However, Bernstein adds stock has held well despite exposure, product portfolio remains strong and share price is very cheap which might help as "uncertainity reigns" ** However, Bernstein adds stock has held well despite exposure, product portfolio remains strong and share price is very cheap which might help as "uncertainity reigns" ** QCOM reports Q2 results on Wednesday ** QCOM reports Q2 results on Wednesday ** 20 of 40 analysts rate stock "buy" or higher, 19 "hold" and 1 "sell"; Median PT is $185 ** 20 of 40 analysts rate stock "buy" or higher, 19 "hold" and 1 "sell"; Median PT is $185 ** As of last close, QCOM down 3.3% YTD vs Philadelphia chip index's SOX decline of 14.6% ** As of last close, QCOM down 3.3% YTD vs Philadelphia chip index's SOX decline of 14.6%