SMBC Nikko analyst Srini Pajjuri downgraded Qualcomm to Neutral from Outperform with a price target of $155, down from $215. The analyst believes near term risk to estimates, if any, is priced into the stock at current levels. However, he struggles to find many positive catalysts in the next 6-12 months for Qualcomm shares. The 5G cycle is maturing and premium Android share gains that drove recent revenue momentum should moderate in the next few quarters, Pajjuri tells investors in a research note. Further, the analyst believes the company’s mix shift to mid-tier 5G and easing wafer supply constraints could limit further margin upside.