UPDATE: Qualcomm (QCOM) Cut to Neutral at Piper as High End Smartphone Demand Wanes

(Updated - August 5, 2013 8:15 AM EDT)

Piper Jaffray downgraded Qualcomm (NASDAQ: QCOM) from Overweight to Neutral with a price target of $67.00 (from $71.00). While demand for low end smartphones is strong, demand for high end devices is falling, leading to cancelled orders for high end components, noted analyst Gus Richard. With this in mind, he thinks Qualcomm needs more products to compete with MediaTek at the low-end of the market.

For an analyst ratings summary and ratings history on Qualcomm click here. For more ratings news on Qualcomm click here.

Shares of Qualcomm closed at $66.75 yesterday.

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