Northland analyst Tom Sepenzis downgraded Qualcomm (QCOM) to Market Perform and cut its price target to $62.50 from $75 following the previous guidance change due to the dispute with Apple (AAPL) and its suppliers. The analyst is uncertain Qualcomm's model will survive multiple attacks from regulators and now Apple, and said the longer the fight with Apple goes on the more the negative impact on shares will be. Further, Intel (INTC) has hinted it will defend its x86 platform, which could result in another legal challenge for Qualcomm. Sepenzis said Qualcomm is making progress on its ARM-based server products but said the market is in its infancy and wins look more like extended trials than a marked shift away from x86.