Qualcomm (NASDAQ: QCOM) stock was dinged early Monday on the back of a recommendation downgrade from a prominent bank. But you can't keep a much-liked tech company down for long, and Qualcomm bulls soon rallied to push the share price almost 2% higher on the day.

Before the market open, Wells Fargo prognosticator Gary Mobley changed his recommendation on Qualcomm to underweight (read: sell) from his previous equal weight (neutral). He left his $105 per share price target intact, however.

Much of Mobley's new outlook is due to his bearish view of the chip sector in general. He wrote that until "investors are convinced we've reached a trough in the chip cycle, we believe shares of companies w/high smartphone exposure should underperform the broader chip sector."

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Source Fool.com