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Avian Cuts to Hold on Rising Competition, Unbundling

Avian Securities’s Arnab Chanda this afternoon cuts his rating on shares of Qualcomm (QCOM) to Neutral from Buy, and cuts his price target to $60 from $62, based on his expectation the company faces greater chipset competition from both Nvidia (NVDA), Broadcom (BRCM), and China’s MediaTek (2454TW), and other companies that, like Qualcomm, build upon the technology of ARM Holdings (ARMH).

In discrete apps processor sales, writes, Chanda, the company has had some worrisome losses of late to the other folks:

NVDA has outpaced QCOM in design wins for tablets, and is beginning to gain significant traction at the high-end of the smartphone market with LG, ZTE, HTC , Lenovo, Coolpad etc. Also, Mediatek has become competitive at the mid-range of the market with its HSPA design wins at Lenovo, Huawei etc. Also, BRCM has design wins at the mid- range of Samsung Galaxy Y platform, as well as at TCL.
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