 Wells Fargo analyst Gaby Mobley downgraded shares of Qualcomm Inc. QCOM, -2.22 to underweight from equal weight Monday, writing that the reasoning behind the ratings change is consistent with his October downgrades of Qorvo Inc. QRVO, -1.19 and Skyworks Solutions Inc. SWKS, -0.68 . That is, once investor sentiment toward the chip sector turns more positive, or once investors are convinced weve reached a trough in the chip cycle, we believe shares of companies whigh smartphone exposure should underperform the broader chip sector, Mobley wrote. 