Qualcomm initiated with a Neutral at Seaport Research

Seaport Research analyst Jay Goldberg initiated coverage of Qualcomm (QCOM) with a Neutral rating and no price target Qualcomm’s core market is not growing, and it is losing share there on “multiple fronts,” the analyst tells investors in a research note. The firm says the company’s efforts to diversify beyond mobile are mixed and will all take years to materialize. Seaport sees a “lack of any serious near-term catalyst” for the shares.