Rosenblatt downgraded Qualcomm (NASDAQ: QCOM) from Buy to Neutral with a price target of $57.00.

Analyst Jun Zhang highlights:

• Qualcomm reported a better March quarter and provided mixed guidance for the June quarter. It is in our view that smartphone growth is slower than expected and Apple (AAPL: Neutral) order cuts resulted in the mixed guidance.
• Our previous thesis of catching up on Chinese royalty fees and market share gain through the Snapdragon 820 is already factored into the stock. We are now staying on the sidelines until Qualcomm’s other initiatives become growth drivers.
• We maintain our TP of $57, but downgrade from Buy to Neutral reflecting our concerns of a slowing smartphone market and potential market share loss.

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 $52.09 yesterday.