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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."
