Intel (NASDAQ:INTC) Missing Smartphone, Tablet Shift Says Piper Jaffray

Intel (NASDAQ:INTC) was downgraded by Piper Jaffray, based on their perception that Intel is missing the massive emergence of tablets and smartphones.

“We think the train is leaving the station in the ultramobile era, and so far Intel is not on board," Piper Jaffray said. “Intel is less relevant.”

Apple's (NASDAQ:AAPL) iPhone and iPad, and Google Inc. (NASDAQ: GOOG) with its Android-powered devices were cited as obvious leaders in the segement.

Piper Jaffray analyst Gus Richard noted that Intel's entry into the space, its 32-nanometer version of its Atom processor, probably won't be available in products until 2012.

Piper dropped their rating on Intel to "Neutral," which was trading at $20.86, down $0.17, or 0.78 percent, as of 1:35 PM EST. They slashed their price target on Intel from $25.00 to $21.50.