Citing "device exhaustion," Citi's Glen Yeung removes his Buy rating on Qualcom (QCOM +2.9%) and...

|By:, SA News Editor

Citing "device exhaustion," Citi's Glen Yeung removes his Buy rating on Qualcom (QCOM +2.9%) and cuts the price target $11 to $70. Demand for high-end smartphones is decelerating as markets near saturation, with lack of hardware innovation also likely to weigh. "QCOM is relegated to a trading stock." Also cut are Avago Technologies (AVGO -0.8%) and MagnaChip (MX -7.2%). Nomura's Romit Shah hikes his QCOM PT $3 to $78, noting the earnings call (transcript) strongly suggested new product launches should drive big growth in the December quarter.