It is reported that on Monday, Wolfe Research downgraded its rating on Qualcomm (QCOM.US) for various reasons, including concerns about its business with Apple (AAPL.US). Chris Caso, an analyst with the institution, lowered his rating on Qualcomm from "outperform" to "peer perform". He said that there are indeed concerns that Apple's work on building an internally built modem will have an impact. Caso said that although the stock's P/E ratio of 15 times is not expensive, any loss of revenue related to Apple is a disadvantageous factor and does not fully meet analysts' expectations.

In September of this year, Apple and Qualcomm announced an extension of their previous cooperation agreement until 2026. Qualcomm will provide Snapdragon 5G ModemRF Systems for Apple's smart phones.

In addition, Caso said that Qualcomm's boost from the high-end Android market is now normalized, and any growth in its Internet of Things business (which may become the focus of the company's November analyst day) is "more difficult" to convince investors.

Nevertheless, analysts are generally bullish about Qualcomm (QCOM.US), and the rating Wall Street analysts generally give it is "buy".