What to Watch When Qualcomm Reports Late Wednesday
Qualcomm is set to release its fiscal second-quarter financial results after the markets close on Wednesday.
Qualcomm Inc. (NASDAQ: QCOM | QCOM Price Prediction) is set to release its fiscal second-quarter financial results after the markets close on Wednesday. The consensus estimates are calling for $0.71 in earnings per share (EPS) and $4.8 billion in revenue. That would be down from the $0.80 per share and $5.23 billion posted in the same period of last year.
Earlier this month, Qualcomm announced that it had settled its long-running multibillion-dollar litigation with Apple. Analysts also were quick to jump in and give their two cents on Qualcomm and what is to come.
As a result of the Apple settlement, Qualcomm actually sees a $2 per share boost in EPS.
Keep in mind that Qualcomm is a driving force within the semiconductor industry. And with earnings season underway, there seems to be a rising tide within this industry.
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Excluding Wednesday’s move, Qualcomm had outperformed the broad markets, with its stock up about 51% year to date. In the past 52 weeks, the stock was actually up closer to 68.5%.
A few analysts weighed in on Qualcomm ahead of the report:
- Merrill Lynch has a Neutral rating with a $90 price target.
- Deutsche Bank has a Hold rating.
- Morgan Stanley has an Overweight rating with a $95 target.
- JPMorgan has a Buy rating with an $88 price target.
- DZ Bank has a Buy rating.
- Sanford Bernstein has a Hold rating with a $60 target.
Shares of Qualcomm were last seen up about 2% on Wednesday at $87.66, in a 52-week range of $49.10 to $88.63. The consensus price target is $89.36.
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Chris Lange is a writer for 24/7 Wall St., based in Houston. He has covered financial markets over the past decade with an emphasis on healthcare, tech, and IPOs. During this time, he has published thousands of articles with insightful analysis across these complex fields. Currently, Lange's focus is on military and geopolitical topics. Lange's work has been quoted or mentioned in Forbes, The New York Times, Business Insider, USA Today, MSN, Yahoo, The Verge, Vice, The Intelligencer, Quartz, Nasdaq, The Motley Fool, Fox Business, International Business Times, The Street, Seeking Alpha, Barron’s, Benzinga, and many other major publications. A graduate of Southwestern University in Georgetown, Texas, Lange majored in business with a particular focus on investments. He has previous experience in the banking industry and startups.
