Pro Analysis

Bernstein downgrades Qualcomm on earnings uncertainty

A silicon wafer.
Getty Images

Bernstein lowered its rating on Qualcomm to market perform from outperform on downside risk to the company's Wall Street earnings estimates.

"Qualcomm has had a good run off the bottom over the last few months, and is now in the ballpark of our target price," Bernstein's Stacy Rasgon wrote in a note to clients Thursday.

"Given we believe near-term estimates likely need to come down further and a continued hesitancy to sign up for a long-term growth story, we are finding it harder to pitch the stock with conviction here."