Standpoint Research Downgrades Qualcomm (QCOM)

Standpoint Research has downgraded shares of Qualcomm (NASDAQ: QCOM). The stock is now trading at around 17X trailing earnings and 15.7X the EPS consensus for 2011. Since July 1, QCOM has gained around 25%.

Standpoint analyst Ronnie Moas wrote, "we still see value in QCOM and maintain a $45 target for 2011-2012." Given the uncertainty in the marketplace, and QCOM's current valuation, however, Standpoint said that they can no longer give the stock its highest rating.