JPMorgan Sees Sharp Upside In Qualcomm, Thanks To Apple

• JPMorgan analyst Samik Chatterjee reiterated an Overweight rating on Qualcomm Inc (NASDAQ:QCOM) with a $225 price target, ahead of the company's fiscal Q1 results. The price target implies an upside of 28%.
• The analyst sees a favorable setup saying Apple Inc's (NASDAQ:AAPL) print points to solid demand for Qualcomm's largest customer. 
• The combination of supply chain easing, share gains with android customers, favorable pricing trends, as well as growth drivers from non-smartphone end-markets will enable Qualcomm to deliver above-seasonal and better than expected revenue in fiscal Q2. 
• He believes the shares are positioned as a top pick "with earnings upside and inexpensive valuation."
• Price Action: QCOM shares traded lower by 0.18% at $175.45 in the premarket session on the last check Tuesday.