Qualcomm downgraded to Market Perform from Outperform at Bernstein

Bernstein downgraded Qualcomm (QCOM) to Market Perform from Outperform with a price target of $140, down from $175. The firm sees memory headwinds from higher prices having a “deleterious effect” on overall smartphone shipments. Consensus estimates for Qualcomm “now appear much too high,” the analyst tells investors in a research note. Bernstein believes the company’s “potential narrative tailwinds” from the buyback and its data center day will not be enough to offset weak smartphones and potential risk associated with expiration of the Apple license agreement in a year.