Qualcomm (QCOM) shares slid Thursday as analysts raised concerns about the company’s relationships with major smartphone makers Apple (AAPL) and Huawei following the company's 澳洲幸运5官方开奖结果体彩网:fiscal first-quarter results.

The chipmaker licenses its patented technologies to some of the world's biggest tech companies, including Apple. However, Apple is moving a portion of its iPhone portfolio in house later this year, which has investors worried, analysts at JPMorgan said. The expiration of a deal with Chinese smartphone giant Huawei ꧟“is also ꧑serving to limit upside,” the analysts added. 

First-quarter licensing revenue missed expectations, even as overall sales reached a record high and beat Street estimates, sending shares of Qualcomm down nearly 4% Thursday to $169.32. The market reaction has been “overwhelmed by investor concerns around the factors outside of Qualcomm’s control,” JPMorgan said, lowering its price target to $195 from $200 but maintaining an “overweight" rating. 

Citi analysts said a smartphone 澳洲幸运5官方开奖结果体彩网:upgrade cycle, which would benefit Qualcomm, could be at least a year away, given the lack of a “killer app” that would drive consumers to spring for a new device. The analysts reiterated a ℱ“neutral꧑” rating and $185 target. 

Meanwhile, Bank of America maintained its bullish $245 price target, citing "Qualcomm's ability to lead with smartphone technologies and diversify its portfolio” into automotive modems and chips for laptops. During the first quarter, Qualco🤪mm also grew its share with Apple rival Samsung, the bank noted, powering its Galaxy S25 devices.

Despite Thursday's losses, shares of Qualcomm are up more than 14% over the past 12 months.