As previously reported, Nomura downgraded Qualcomm (QCOM) to Neutral from Buy and lowered its price target to $70 from $80. Analyst Romit Shah said recent rulings and lawsuits are stronger and broader than anticipated and amid increased scrutiny into Qualcomm Technology Licensing, Qualcomm requires regulatory approval for the NXP Semiconductor (NXPI) acquisition from many of the same countries where it has outstanding regulatory complaints/litigations. Shah expects regulatory agencies in the US, Europe and Asia to take longer to approve the deal resulting in increased uncertainty around the timing of accretion and diversification benefits from the acquisition.