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At least 14 brokerages lowered their price targets on the largest maker of smartphone chips on Thursday after it gave a forecast $2 billion below market estimates and said it had extra inventory that could take half a year to clear. "We believe a weak market, and even a potential inventory correction was likely not entirely unexpected, though the magnitude is probably worse than what some might have had in mind," analysts at Bernstein wrote in a note. "Qualcomm's smartphone business is more positioned in the mid-range ... and the mid-range is currently the most impacted segment in the smartphone market," said Canalys research analyst Runar Bjørhovd.