Qualcomm Inc. (NASDAQ: QCOM) 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.
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.