Qualcomm falls; Bernstein cuts to 'market perform'

Chip firm Qualcomm's QCOM.O shares fall 1.6% to $128.25 premarket

Bernstein downgrades to "market perform" from "outperform;" cuts PT to $140 from $175, still implying a 7.4% upside to stock's last close

Says memory pressures building in the industry are having a damaging effect on overall smartphone shipments, with potential for double-digit declines this year

Says current financial estimates appear far too high because analysts failed to properly model the impact of the Apple AAPL.O roll-off

"Potential narrative tailwinds (buyback, datacenter day) are probably not enough to offset the current situation" - Brokerage

Avg. rating of 39 analysts is "hold;" median PT is $157.44 - data compiled by LSEG

As of last close, stock down 23.8% YTD