Northland Capital Markets downgraded Qualcomm (NASDAQ: QCOM) from Outperform to Market Perform and cut its price target to $70 from $85.

Analyst Tom Sepenzis commented, "QCOM reported better than expected results for its fiscal first quarter, but took guidance down for the full fiscal 2015 year. One of its largest customers is shifting to its internally developed application processor. Additionally, Qualcomm is experiencing pricing pressure in China through greater competition and abroad in its licensing business given lower handset ASP’s overall. We are lowering our rating from Outperform to Market Perform and our target price from $85.00 to $70.00."

The firm cut FY 2015 EPS from $5.24 to $5.01.

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 $70.99 yesterday.