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Qualcomm Downgrade on Smartphone Outlook

 (Image source: idownloadblog)

QUALCOMM, Inc. (NASDAQ:QCOM) was downgraded from buy to neutral by Bank of America Merrill Lynch with a price target of $75. The bank cited a slowdown in smartphone sales as the major reason for the downgrade. Qualcomm is the largest maker of chips for mobile phones. The report highlighted that growth in the smarthphone industry will decrease “32 percent in 2013 to 10 percent in 2015”. News of the downgrade has the stock trading downwardly.