Bernstein cuts PT on Qualcomm due to tariff uncertainity

Bernstein lowers PT on Qualcomm QCOM.O to $185 from $215; retains "outperform" rating

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

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

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%